The European Bank for Reconstruction and Development (EBRD) has postponed a meeting of the Board of Directors which was expected to review a possibility to purchase 20% of Garadagh-Cement assets for $10m, Trend reports citing the EBRD. The discussions have been postponed from 15 June to 11 July.
The total cost of the project is $13, 3m. The major objective of the project is decreasing environmental risks. All actions and investments on environment protection are included into the total plan on environment protection, which is a condition for EBRD participation in the project.
EBRD will buy a part of assets from the Swiss company, Holcim portfolio. Holcim privatized Garadah cement in 1999. The company owns 89, 4% of assets, the rest are owned by private stockholders. The EBRD plans to enter the fifth of shareholders for 5-7 years.