Bolivia nationalises stake in state cement company

Bolivia nationalises stake in state cement company
Published: 02 September 2010

Bolivian President Evo Morales announced Wednesday the nationalisation of the 33 per cent of state-owned cement maker Fancesa that is in private hands.



The decree signed by Morales in the southern city of Sucre, where Fancesa is headquartered, transfers the stake held by private cement company Soboce to the provincial government of Chuquisaca.



The majority owner of Soboce, Bolivia’s largest cement maker, is opposition politician and former presidential candidate Samuel Doria Medina, while Mexican-based GCC holds 47 per cent.