Azerbaijani Investment Company Insist upon Increase of Share in Garadagh Cement
Azerbaijan, Baku / Trend corr. I.Khalilova / The Azerbaijani Investment Company (AIC) hopes to increase its share in the Garadagh Cement concrete plant. AIC holds negotiations with the Swiss Holcim company, which is the main shareholder of the plant, Riad Gasimov, the Deputy Executive Director of AIC, said. Holcim is ready to allocate 10% of shares, but Azerbaijan proposes to reach the packet to 20%.
The negotiation process will be completed within seven or ten days.
"Being a shareholder of Garadagh Cement enables AIC to participate in reconstruction of the existing plant and construction of a new one.
The production volume in the plant will increase as a result of reconstruction.
The construction of the new plant is planning in the plant with capacity of 1.5mln tons. The initial conditions to take part in the European Bank of Reconstruction and Development were signed with Garadagh Cement.
The new concrete plant is estimated with $150mln.
The European Bank Council of Directors took decision to acquire the Garadagh Cement for $10mln with 20% in 2006.
Holcim privatized Garadagh Cement in 1999.