Holcim reduces shareholding in Siam City Cement and Cementos Progresso
Holcim Ltd has reduced its shareholding in Siam City Cement (Public) Company Limited (SCCC) from 36.8 – 27.5%. The shares, purchased by Bangkok Broadcasting and Television Company Ltd, a company of the Ratanarak Group, will increase its own shareholding in SCCC to 47% percent. At Holcim, SCCC will be accounted for as per the revised IFRS accounting standards as of January 1, 2013. Holcim will remain the strategic partner of SCCC.
SCCC currently has a cement production capacity of 16.5 million t at its plant in Saraburi, Thailand and recorded net sales of US$755 million in 2011.
Holcim has also sold its 20% stake in Cementos Progreso S.A. to its majority shareholder, Grupo Cemcal S.A. Cementos Progreso owns a cement plant in San Miguel with an annual capacity of 3 million t.
The sale of these two share packages, which is part of the streamlining measures of Holcim’s Leadership Journey, has brought in approximately approximately SFr375 million for Holcim.
Adapted from press release by Jack Davidson.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/21122012/holcim_sell_shares_leadership_journey_803/
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