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EBRD's capital in Holcim Azerbaijan unchanged

Business Materials 23 August 2017 20:36 (UTC +04:00)

By Azad Hasanli – Trend:

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) refused to increase the participation share in the capital of Holcim Azerbaijan to 20 percent, EBRD said on Aug. 23.

The bank's current participation share in Holcim Azerbaijan is 10 percent.

The cause of the refusal is not specified. EBRD has been considering the possibility of increasing its share in the company since mid-2016.

Nevertheless, EBRD retains the status of a Holcim Azerbaijan shareholder.

The bank said it will continue its support, demonstrating constant interest in the development of Azerbaijan’s non-oil sector.

Holcim Azerbaijan OJSC is one of the largest cement and clinker producers in Azerbaijan. 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 other individuals (14 percent).

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