Ciments Français (Italcementi Group) will participate in the project for a new cement plant in Syria. The plant, with an annual capacity of 3.2 million tons, will be managed by Al Badia Cement JSC, a new Syrian company majority-owned by Muhaidib Group of Saudi Arabia. Ciments Français will hold a 12.5% stake in Al Badia Cement. The new plant will be operating by 2010.

The company’s authorized share capital amounts to approximately 260 million USD. Al Badia expects to float 15% of its shares for public subscription in Damascus.

The joint initiative is another step in the development of the partnership between the Italcementi Group and Muhaidib groups, having already joined forces in several ready-mix acquisitions in the Gulf region, and a further sign of Italcementi’s commitment to its North Africa/Middle East strategic presence.

Press release

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