ASEC Cement and ASEC Cement Djelfa Offshore, Qalaa Holding’s [CCAP.CA] subsidiaries, have signed a share purchase framework agreement to sell 100% of ASEC Ciment Algerie (Djelfa) for USD60mn. The announcement mentioned that the acquiring party is a consortium of Algerian investors, and that Djelfa has a license to build a cement plant in Djelfa, Algeria with a capacity of 3 mn tonne per annum. Qalaa Holdings Chairman and Founder Ahmed Heikal mentioned that the transaction is in line with the company’s strategy to divest non-core assets and reduce financial risk. Management also noted that they will be refocusing on high growth sectors such as energy, transportation , logistics and mining. It is worth mentioning that Qalaa Holdings effectively owns 37% of Djelfa. (Company disclosure)