Titan, Greece’s biggest cement maker, is considering selling a minority stake in its Egyptian business, as it struggles to cut debt and contain costs in the downturn.
’Reaching a relevant agreement will greatly depend on the level of the offered consideration and the capacity of any potential minority shareholder to add value,’ Titan said on Monday.
Titan runs two cement plants in Egypt, Titan’s fastest growing market. Contrary to a building slump in Titan’s main markets, Greece and the United States, business in Egypt is expanding and accounts for an increasing share of group profit.
Sales in the eastern Mediterranean, including Egypt, more than doubled year-on-year in the first half of 2009, accounting for a fifth of the total, up from eight per cent a year earlier.
Titan expects a second product line at its Egyptian Beni Suef cement plant to start operating in November.