Locals win Holcim stake

Locals win Holcim stake
Published: 30 December 2007

The Azerbaijan Investment Company ((AIC) has reached an agreement with the shareholders of the Garadagh Cement Joint Stock Company, on the purchase of 10%-share in the cement factory’s statutory capital, Anar Akhundov, the Executive Director of the AIC, stated on 27 December.

On 25 Dec, the major shareholder of Garadagh Cement, Holcim, presented to the AIC, a last variant of the draft contract.

According to Anar Akhundov, a contract on purchase of 10%-share will be probably be signed in January. A decision on the AIC’s participation in the Garadagh Cement will more probably be taken in the first meeting of the Observation Board, in 2008.

Earlier, the AIC claimed 20%-share in the Garadagh Cement. “However, we preserve the idea of minority and came to an agreement with the shareholders of the cement factory on the purchase of 10%-shares,’ Akhundov said.