Ethiopia : ASCOM sells 35% stake in Kurmuk gold project to Allied Gold Corporation (AGC)

APM Investment Holdings, a subsidiary of Egypt’s ASEC for Mining (ASCOM), has sold 35 percent of its stake in the Kurmuk gold project in Ethiopia to Allied Gold Corporation (AGC), a Canadian company, for a total of $99.6 million, according to a stock exchange filing on Sunday.

The transaction value includes the issuance of 11.5 million APM shares in AGC, for a total market value of $34.6 million.

AGC will also pay APM $65 million in three installments starting September 30, 2024.

In 2017, privately-owned ASCOM sold 64.46% of its shares in Ethiopian subsidiary APM Ethiopia to AGC for $14.5 million.

With over 35 years of exceptional experience in the Egyptian market, ASCOM has expanded its operations covering North and East Africa, the Gulf and Levant regions.