The Board of Directors of Titan Cement International SA approved yesterday the acquisition from the International Finance Corporation (IFC) of the minority stakes the latter holds in Titan businesses in Southeast Europe and Egypt.
The agreement is subject to fulfillment of conditions precedent. This transaction will conclude Titan’s successful cooperation with IFC gradually established since 2008 in Albania, Egypt, Serbia, North Macedonia, and Kosovo. Titan’s partnership with IFC has helped the Group during difficult times in challenging markets.
At the same time, IFC has supported and guided Titan’s efforts to further enhance its environmental, sustainability and governance practices in those countries. It has been a fruitful collaboration lasting over ten years. The aggregate price for the transaction amounts to €81.8 million. This incremental investment in its own subsidiaries underscores Titan’s long-term business strategy in these regions, while allowing further growth.
Read the article online at: https://www.worldcement.com/europe-cis/21112019/titan-group-buys-back-ifc-minority-stake-in-subsidiaries/
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