CAIRO: Arabian Cement Company (ACC) announced that its main shareholder, the Spanish investor Aridos Jativa/Cementos La Union, has started negotiations with the Egyptian Committee of Dispute Resolution headed by Eng. Ibrahim Mahlab, Egyptian Prime Minister.
The current negotiations are overseen by Committee member, Dr. Nagla’a AL Ahwany, Egyptian Minister of International Cooperation, and are aimed towards finding an amicable settlement of the World Bank arbitration that the Spanish investor filed against the Government of Egypt in 2013 regarding, among other things, the changes in the procedures to obtain operations licenses that were applied to ACC retroactively.
About Arabian Cement Company
Arabian Cement Company (ACC) was first established in 1997 by a group of Egyptian entrepreneurs, who aspired to establish a leading Egyptian cement company. The cement factory is located in the Suez Governorate. It produces five million tons of first quality cement, approximately 10% of Egypt’s production. The company is a joint venture between Cementos La Union, a Spanish investor holding the majority of shares, and a group of Egyptian investors.
Its brand “Al Mussallah” enjoys undisputed prestige and is considered among the best cements produced in Egypt.