Russian real estate development and building materials company, OJSC LSR Group, has completed the sale of its Slantsy cement plant to the Eurocement Group. Eurocement has acquired full operating control over the plant, which is located in the Leningrad region.
The divestment is in line with the LSR Group’s strategy to ‘focus on projects with the highest returns on invested capital and the fast growing real estate development business’ in order to maximise value for its shareholders. This strategy has enabled the LSR Group to significantly reduce its debt and ensure it is now 100% ruble-based.
The positive effect of the disposal of the Slantsy plant will be reflected in its IFRS accounts for 2014.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/europe-cis/23012015/lsr-group-completes-sale-of-slantsy-cement-plant-191/