HeidelbergCement reduces its stake in Ciments du Maroc
Published by Emily Thomas,
Deputy Editor
World Cement,
HeidelbergCement has announced the sale of around 0.5 million shares representing 3.6% of building materials company, Ciments du Maroc’s share capital for an aggregate amount of approximately €73 million. The shares were sold to certain Moroccan institutional investors through a block trade. Following this transaction, HeidelbergCement will retain a controlling stake of 51.0% in Ciments du Maroc and continue to fully consolidate the company.
“HeidelbergCement is fully committed to remaining the long-term majority shareholder of Ciments du Maroc, a key strategic asset within the Group’s portfolio,” said Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “The further reduction in shareholding is part of our action plan to optimise our portfolio and generate cash in order to speed up deleveraging. We continue to be well on track to reach our target of €1.5 billion of disposal proceeds by the end of 2020.”
Read the article online at: https://www.worldcement.com/europe-cis/29112019/heidelbergcement-reduces-its-stake-in-ciments-du-maroc/
You might also like
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.
A sustainable step forward
Lafarge Canada and CarbiCrete partner to scale deployment of carbon-negative concrete technology.