EBRD (European Bank for Reconstruction and Development) has not paid its 2o per cent of share holding in the capital of Garadagh Cement JSC, Raymond Convey, EBRD Representative to Baku told Trend today. The Board of the Bank adopted investments at the volume of $10 m. aimed at the buying of shares of the cement plant on July 25, 2006, Trend reports.
Mr. Convey was at a loss to tell about EBRD`s plans concerning additional investments to Garadagh Cement the Bank earlier had linked with Azerbaijan`s investment climate.
At present, EBRD is about to but a part of the shares belong to Switzerland`s Holcim which privatized the cement plant in 1999. The Swiss company possesses 89.4 percent of the total number of shares, the rest small shareholders possess. EBRD is about to enter the team of the shareholders of the enterprise on middle-term outlook (5-7 years). The cement plant is expected to satisfy all European ecological standards until 2010, that is why the plant need some $100-110 m. for its reconstruction.
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