CAIRO, EGYPT — Egyptian company ASEC Mining (Ascom) ASCM.CA said on Monday it was taking a 20 percent stake in a new company that will produce cement in Ethiopia.

In a statement released through the Egyptian stock exchange, it said the Ethiopian venture, in conjunction with ASEC Cement, would be the company’s first investment in cement production.

It said the unnamed Ethiopian company would have a capital of $100,000 and would build and run cement plants, own limestone quarries, and export clinker and other products.

Source: Reuters. Writing by Jonathan Wright; editing by Sue Thomas

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