Italcementi’s Medcem JV acquires 20 per cent in shipping firm Sider Navi

Italcementi’s Medcem JV acquires 20 per cent in shipping firm Sider Navi
Published: 09 May 2007

Italcementi SpA said its Medcem venture with the Romeo group has acquired a 20 per cent stake in shipping company Sider Navi, in a deal which gives Medcem a say in possible purchases of cement carriers and/or mini bulk carriers by Sider Navi.  
 
Under the transaction, Medcem will pay EUR5.2m to Sider Navi’s existing four shareholders and transfer to Sider Navi its White Shark bulk carrier.  
 
The deal will also generate a capital gain for Medcem of over EUR2m.  
 
Sider Navi, one of the main operators in the so-called Handysize shipping sector, booked revenues of EUR22m in 2006, it said.  
 
Medcem will remain owner of its Turbocem self-discharging cement carrier.