Austrian Asamer buys stake in Libyan joint venture

Austrian Asamer buys stake in Libyan joint venture
Published: 31 March 2009

Building-materials produced Asamer in Upper Austria will pay EUR110m for an interest in three cement plants in Libya, according to reports from local press.

Asamer will have a 56 per cent interest in a new joint venture, with the remainder to be held by Libyan state fund ESDF.

Asamer, based in Ohlsdorf in Gmunden district, announced today (Mon) that Raiffeisen Zentralbank (RZB), Raiffeisenlandesbank Oberösterreich, Sparkasse Oberösterreich and Raiffeisenlandesbank Niederösterreich-Wien would provide funding for the deal.

The joint venture will have a total interest of 90 per cent in the cement plants, with employees retaining the remaining 10 per cent.

The joint venture will provide for the renovation of the plants, including improvement of their air quality and a reduction of dust levels.

ESDF was created with the goal of promoting Libya’s social and economic development, especially through direct investment in Libyan firms, RZB said.

Source: Austria Today