EBRD anew postpones consideration of purchase of Garadagh-Cement's 20% stock
The European Bank for Reconstruction and Development (EBRD) has appointed a date of 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 will be held on 25 July.
Earlier the meeting had 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 shares 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 is suggests purchasing some shares from Holcim of Switzerland that privatized Garadagh Cement in 1999. Swiss company possesses 89.4% stock in the plant. EBRD is going to join shareholders on a medium-term basis, about 5 to 7 years.