Skip to main content

Titan Group buys back IFC minority stake in subsidiaries

Published by , Editor
World Cement,


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/

You might also like

 EnviroTech

Ready to revolutionise the cement industry?

Join World Cement in Lisbon, 10 – 13 March 2024, for our first in-person conference and exhibition: EnviroTech.

This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.

Get your advance tickets NOW »

 
 
 

Embed article link: (copy the HTML code below):