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Titan Concerned About Unrest In Egypt

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Cement company Titan is concerned about the current social unrest in Egypt as it threatens the business status quo, according to a statement.

Titan had expanded in the Egyptian market back in the 1970s and consists today one of the largest cement producers in the country.

A company source told Capital.gr that the events in Egypt are very serious development, whose ending cannot be predicted. Nobody knows what the successive situation will be, he commended on the effects of the unrest.

The main reason of the cement market’s continuing growth had been Mubarak’s program to support the domestic economy, prioritized the upgrade of infrastructure and the provision of affordable housing to the people with low and middle income.

Titan notes that there can be no safe prediction about the implementation of this program or the demand for building materials. The events will weigh heavily on tourism, a sector that absorbs a great part of the demand for cement, according to the company.

Currently, production and activity of the group’s two units in Egypt have been limited to the absolutely necessary as distribution has been suspended. 

Greek executives have already returned to Greece, while a looting in the factory in Alexandria was just averted by the intervention of workers.

Asked whether the licenses granted to foreign cement producers would be renegotiated, the source noted that Titan feel safe because of the presence of IFC in Alexandria Portland Cement Company SA.
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