EBRD sells its stake in cement plant in Azerbaijan
Baku, Azerbaijan, Oct. 1
By Taleh Mursagulov – Trend:
The European Bank for Reconstruction and Development (EBRD) has sold its stake in Holcim Azerbaijan (Garadagh Cement Plant) to one of the shareholders, spokesman for EBRD, Anton Usov, told Trend on Oct. 1.
The EBRD shares in Holcim Azerbaijan (10 percent) was sold to LafargeHolcim, he added.
Usov refused to disclose the amount of the deal, mentioning about the confidentiality of information.
EBRD owned Holcim Azerbaijan’s shares for 10 years (from 2007 to 2017), he said.
Thus, the share of LafargeHolcim in Holcim Azerbaijan has increased from 66 to 76 percent.
In August 2017, EBRD refused to increase its stake in Holcim Azerbaijan from 10 to 20 percent.
Holcim is the world's leading supplier of cement, concrete aggregates (crushed stone, gravel and sand), ready-mixed concrete and asphalt mixtures, and also renders all related services. The number of Holcim employees working at the plants in more than 70 countries on all continents exceeds 80,000.
In Azerbaijan, 40 percent of the cement market accounts for the share of Holcim Azerbaijan (formerly Garadagh Cement), with a production capacity of 1.7 million tons per year. Total volume of the market in the country is four million tons of cement.