Azerbaijan, Baku / corr. Trend I.Khalilova / The Deputy Executive Director of Azerbaijan Investment Company JSC, Riyad Gasimov, said that an agreement was reached between the Government of Azerbaijan and the Swiss Company Holcim, main shareholder of Garadagh Cement, to transfer 20% of the shares of the Cement plant to AIC.
According to him, the agreement will be signed until the end of 2007. The Investment Company will receive shares from the share of Holcim which possessed 89.4% until EBRD's joined the shareholders. The EBRD Board of Director made a decision in 2006 to acquire 20% share for $10 mln in Garadagh Cement.
AIC plans to acquire a share in Garadagh Cement with market prices and negotiations are continuing in this respect between the Government of Azerbaijan and Holcim. Garadagh Cement plans to establish the production on the base of dry technology. The cross cost of the project is estimated at $13.1 mln. The project aims to decrease the environmental impact. Swiss Holcim created Garadagh Cement in 1999.