Azerbaijan, Baku, 13 March / corr Trend S.Babayeva / Garadagh Cement Open Joint Stock Company (OJSC) held the Extraordinary Meeting of its Shareholders on 12 March 2008 in Baku (Baku Entertainment Centre).
The agenda items were discussed at the meeting and corresponding decisions were adopted by the majority of the votes. The main issue was the approval of the Share Purchase Agreement between Holcim Ltd, "Garadagh Cement" OJSC and "Azerbaijan Investment Company" OJSC (AIC), signed on 14 February 2008. According to this agreement AIC acquired a 10% stake of the company charter fund for EUR 13.7 million from "Garadagh Cement" OJSC's main shareholder Holcim Ltd.
The Extraordinary Meeting of Shareholders of "Garadagh Cement" OJSC was held in full
compliance with the legislation of the Republic of Azerbaijan.
Until now the company has 3 companies and 913 individual shareholders. After enactment of the agreement Holcim Ltd will possess 66% and AIC 10% of the charter fund of "Garadagh Cement" OJSC. Two other legal shareholders, namely the European Bank for Reconstruction and Development and Holcim Auslandbeteiligungs GmbH, have equally 10% and 3.39% of the total number of shares in the company. The remaining 10.6 % of the total number of shares belongs to the shareholders.
Garadagh Cement is an only producer of clinker and cement in Azerbaijan.