KUWAIT, 28 August 2007 — Egypt-based Suez Cement Company has submitted yesterday a binding offer to Boodai Enterprises Company to purchase a 47 percent equity interest in Kuwait-based Hilal Cement Company in a deal that values Hilal at KD25 million or approximately $89 million.

Boodai has accepted Suez Cement’s offer, which will be done in compliance with stock exchange regulations governing the sale and purchase of large trading blocks. Subsequent to this sale, Boodai and related companies will remain the second largest shareholder in Hilal. Boodai was advised on this transaction by GulfMerger and Suez Cement by Swicorp.

With a share of approximately 17 percent of the cement consumption market in Kuwait, Hilal is its third largest cement company, operating a terminal for the import of cement. In 2006, Hilal sold 736,000 tons, generating approximately KD18 million in revenues, corresponding to approximately $65 million. Yacoub Al-Sharhan, chairman of Hilal, said “the cement market in Kuwait is rapidly growing and is presenting significant opportunities not only locally, but also regionally. Through Suez Cement Company, we look forward to the Italcementi Group leading Hilal Cement Company forward into a stronger local and regional cement company.”

With sales of $625 million in 2006, Suez Cement is Egypt’s largest cement producer and is 55 percent owned by Italcementi Group. Based in Italy, Italcementi Group is one of the world’s leading cement producers operating in more than 20 countries worldwide, including Italy, Belgium, France, Greece, Spain, China, Egypt, the United States and China. In 2006, Italcementi posted revenues of approximately $7.7 billion.