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Azerbaijani Investment Company Ready to Purchase Shares of Garadagh Cement

Business Materials 8 December 2006 18:55

The chairman of the Observation Board of the Azerbaijan Investment Company, who is the Azerbaijan Minister for Economic Development, Heydar Babayev, held talks with a coordinator of Holcim enterprises for CIS region, Gareth Babbs, in connection with the AIC participation in the new project of Garadag Cement.

Babayev informed Trend that the agreement has been held on the investment company joining to the negotiations of the resolution of the formal issues between the lawyers of Holcim and EBRD.

For the time being the talks concern Holcim and the EBRD. AIC will join talk further, he said.

AIC is eager to purchase minimum shares, allowed within the limitation on purchase of 20%.

The EBRD Board of Directors made a resolution on purchase of 20% share at Garadag Cement at $10 mln.

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