A capital group of the United Arab Emirates (UAE) acquired all the shares of the Egyptian Cement Company (ECC) at a total value of 1.4 billion U.S. dollars, local media reported Sunday.

The Abraj Capital Group purchased all the 320 million shares of the Egyptian company for 4.41 dollars per share, Egypt's official MENA news agency quoted sources at the Egyptian Stock Exchange as saying.

The acquisition contract between the UAE capital group with ECC's shareholders was signed late last week after several months of negotiations, the report said.

Local newspaper The Egyptian Gazette reported Sunday that shareholders in the Savola of Saudi Arabia, who owned 30 percent of the stakes in the ECC, agreed to sell their shares to Abraj.

Savola previously offered 1.2 billion dollars to buy the Egyptian company, but failed to strike the deal as Abraj made a higher bid, the report added.

Meanwhile, according to a weekly report issued by the Capital Market Authority, the acquisition deal had contributed to the strong performance of the Egyptian stock market, which witnessed a89.89 point increase for its all-share price index last week from 2654.36 to 2744.25.