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/special-reports/29112019/heidelbergcement-reduces-its-stake-in-ciments-du-maroc/
You might also like
The World Cement Podcast - CleanTech & Venture Capital
Our guest for this episode of the World Cement Podcast is Alfredo Carrato, Venture Capital Advisor for CEMEX Ventures. Listen in to the conversation as World Cement's Senior Editor, David Bizley, and Alfredo discuss the role of venture capital and cleantech in enabling the cement industry's green transition.
Tune in to the World Cement Podcast on your favourite podcast app today.
