CRH is used to being in the headlines but, even by its standards, the first half of this year has been one of remarkable activity for the group.

It has had a hugely successful rights issue (the second biggest ever floated on the Irish and British markets) - marred only slightly by the costly miscalculation about the takeup of the rights that cost registrars Capita more than €14 million (£11 million).

It has continued to base a large portion of its US expansion on the highway building programme, with the €154-million acquisition of the Mount Hope aggregates group in new Jersey.

It has run into trouble with EU competition regulators who are not happy with aspects of its €350-million bid for Finnish group Addtek.

And now it is involved in what are potentially substantial investments in the cement business in Israel and Egypt.

The company tends not to talk too much about its investments until the deals are done, but there is a feeling in the industry that CRH's plans to buy a 25 per cent stake in Israel's biggest cement company, Nesher, have at least been put on hold. Certainly, paying more than €200 million for one-quarter of a company whose business straddles both Israel and Palestine flashpoints would be viewed with caution by investors.

Now CRH seems to have turned its attention in the Middle East to Egypt and is one of two bidders for Suez Cement, the biggest cement company in Egypt and a company that operates (by Middle Eastern standards anyway) in an oasis of tranquillity.

CRH initially did not show interest in Suez and was not a bidder when the initial deadline of April 9th passed.

It was only when Suez called a second auction that CRH's interest perked up. The Irish group is competing with French giant Ciments Francais for the 25 per cent of Suez on offer.

Suez reported net profits of 290 million Egyptian pounds (€63 million) last year on sales of 658.7 million Egyptian pounds. The company has three modern cement plants producing four million tonnes a year - about 30 per cent of the market - and has the biggest limestone quarry in Egypt.

With 1,800 employees, it is seen as one of the most efficient and profitable companies in Egypt.

About 44 per cent of the company's shares are owned by state banks and insurance companies, another 16 per cent by private investment companies and the balance by private investors.

It's not clear whether the Suez offer of 25 per cent restricts the buyer from increasing its stake or making a full takeover bid in the future, but CRH does not tend to get involved in minority stakes unless they lead to greater things.