Holcim pulls out of Akhangarancement

Holcim pulls out of Akhangarancement
Published: 21 July 2005

Holcim has sold its 23.6 per cent stake in Akhangarancement, Uzbekistans second largest cement plant, to Zeromax Group of the United States. The Zeromax office in Tashkent told Interfax that the deal had been made on the secondary stock market. Zeromax also purchased a 1.4 per cent in the plant from one of the minority shareholders.
 
Holcim apparently bought 25.6 per cent in the Uzbek cement plant on the secondary stock market in 1998. The Swiss company then won an international tender to buy a further 25 per cent of Akhangarancement at the end of 1999, but it was unable to reach an agreement with the Uzbek State Property Committee so a contract was never signed.  Akhangarancement has projected capacity to produce 1.74Mta of cement. Production increased 13.9 per cent in 2004 to 1.12Mt.