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ARESCO Signs US$ 130 million Contract with BMIC

ASEC for Manufacturing and Industrial Projects (ARESCO), a turnkey contractor serving the cement, energy, petrochemicals, petroleum and general industrial sectors, announced today that it has signed a US$ 130 million contract to construct a new cement plant for the Building Materials Industry Company (BMIC) in the Upper Egyptian governorate of Assiut.

ARESCO, a subsidiary of ASEC Holding, Citadel Capitals (CCAP.CA on the Egyptian Stock Exchange) Platform Company in the industrial services and contracting sectors, will be providing all the civil, electrical and mechanical works for the 1.5 million tons per annum cement plant, which is projected to be complete in 22 months. The company will also carry out all the steel fabrication as well as testing and commissioning for BMIC on a turnkey lump sum basis.

The integration of ARESCOs in-house design and manufacturing capabilities which include its own workshops and fleet of cranes have made the company a strong competitor in both the cement and general industrial sectors, said Tarek Salah, a Managing Director at Citadel Capital, the leading private equity firm in Africa and the Middle East with investments worth more than US$ 8.3 billion under control spanning 15 industries and 14 countries.