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Russian industrial holding sells its shares in Uzbek cement enterprise

Uzbekistan Materials 1 March 2021 17:20 (UTC +04:00)
Russian industrial holding sells its shares in Uzbek cement enterprise

BAKU, Azerbaijan, Mar. 1

By Klavdiya Romakayeva - Trend:

Eurocement, an international industrial holding from Russia is selling its shares in Akhangarancement, Trend reports referring to the press service of Toshkent Republican Stock Exchange.

The company announced an upcoming exchange deal in a negotiated auction mode.

The total number of ordinary registered uncertified shares at a minimum price of 103,593 soums ($9.84) per share in order to enter into negotiations with potential investors accounts for 4,141,108 shares, which is the entire share of the company in 84.19 percent.

According to the information, the shares are sold in one lot. The total amount of the transaction, if it takes place on the specified conditions, will amount to almost 429 billion soums (about $40.8 million).

Akhangarantsement is one of the largest taxpayers in Uzbekistan and is also considered one of the companies dominating the market. The plant's net profit in 2019 amounted to 179.8 billion soums ($17 million) and 187.1 billion soums ($17.8 million) for 9M2020.

It was also noted that Eurocement came under the control of Sberbank for debts and has already been put up for sale.

Eurocement is the largest cement producer in Russia, which until recently belonged to businessman Filaret Galchev through GFI Investment Limited. It unites 19 cement plants in Russia and abroad, as well as the production of concrete and reinforced concrete products, quarries for the extraction of nonmetallic materials.

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Follow the author on Twitter: @romakayeva

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