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/