Arab Finance: South Valley Cement has agreed to sell its 47.61% subsidiary, Building Materials Industries, to the Spanish company Instituto Tecnológico de Informática (ITI) for EGP 584 million at EGP 2 per share, according to a bourse filing.
The EGX-listed firm owns 292.34 million shares of Building Materials Industries' total capital of 614 million shares.
South Valley Cement adopted a fair value study for its unit’s shares, which concluded that the fair price per share is EGP 1.25, compared to a negative book value of EGP 1.26.