EBRD postpones decision on increasing stake in Azerbaijani cement plant
Baku, Azerbaijan, July 22
By Aygun Badalova – Trend:
The European Bank for Reconstruction & Development's (EBRD) Board of Directors has postponed the pending decision on raising the bank’s stake in the equity capital of Holcim in Azerbaijan OJSC up to 20 percent but retains plans to double its participation, according to the bank's message.
The issue is scheduled to be discussed by the EBRD's Board of Directors on September 7, 2016.
Earlier EBRD reported that the bank is considering an additional investment in Holcim to increase the bank's stake in the company with a view to extend its participation in the business.
Holcim Azerbaijan OJSC is one of the largest cement and clinker producers in Azerbaijan.
LafargeHolcim, the world's most advanced group in the building materials industry, acquired a controlling stake in Holcim Azerbaijan, formerly Garadagh OJSC, during a privatization process in 1999.
Today, LafargeHolcim owns more than 80 percent of the company’s share capital and provides managerial, technical and commercial resources.
Around 40 percent of the cement market in Azerbaijan accounts for Holcim Azerbaijan’s products.
Holcim Azerbaijan’s shareholders are LafargeHolcim (66 percent), EBRD (10 percent), Holcim Auslandbeteiligungs GmbH (10 percent), and individuals (14 percent).