Dhunseri to buy Egyptian co in joint venture

Dhunseri Petrochem Ltd today said it will buyout Egyptian Petrochemical Holding Company's 23 per cent stake in their joint venture company for an undisclosed sum.

The acquisition would be done in seven tranches, the company said in a regulatory filing.

The company said it had yesterday entered into "a Share Purchase Agreement with Egyptian Petrochemicals Holding Company (ECHEM) for the purchase of its 23 per cent stake of our joint venture company - Egyptian Indian Polyester Company S.A.E (EIPET) in 7 tranches."