The European Bank for Reconstruction & Development’s (EBRD) Board of Directors has adopted a decision on raising the bank’s stake in the equity capital of Holcim OJSC in Azerbaijan (formerly Garadagh Cement Plant) to 20%, according to the bank’s message.
This move was made to continue supporting the company to improve energy efficiency through the introduction of alternative fuels in its fuel mix.
“The bank will continue to support a major company in Azerbaijan, demonstrating continued support for the country’s non-oil sector”, said the bank’s message. “In addition, the company is committed to sustainability standards, and will pursue the use of alternative fuels in its operations”.
Holcim Azerbaijan OJSC is one of the largest cement and clinker producers in Azerbaijan.
LafargeHolcim, the world’s most advanced group in the building materials industry, acquired a controlling stake in Holcim Azerbaijan, formerly Garadagh OJSC, during a privatization process in 1999.
Today, LafargeHolcim owns more than 80% of the company’s share capital and provides managerial, technical and commercial resources.
Around 40% of the cement market in Azerbaijan accounts for Holcim Azerbaijan’s products.
Holcim Azerbaijan’s shareholders are LafargeHolcim (66%), EBRD (10%), Holcim Auslandbeteiligungs GmbH (10%), and individuals (14%). (Trend/Business World Magazine)
