Egypt: An Egyptian court has ordered that the sale of Assiut Cement Company to Cemex be annulled. The plant will be returned to the Egyptian government as it was sold for less than its fair value. The court also ruled that all workers forced to retire after the sale may return.
Cemex bought 90% of the state owned factory in 1999 for US$580m in cash and assumed debt and currently owns a 96% stake. Under the court ruling, Cemex would be responsible for all the financial obligations its Egyptian business incurred since 1999. Cemex plans to contest the ruling and appeal the court's decision.
