Holcim has announced that it has reduced its stake in Siam City Cement Ltd (SCCC) of Thailand and has sold its minority shareholding in Guatemalan producer Cementos Progreso, contributing CHF375m (EUR310.6m) to the Holcim Leadership Journey programme.
SCCC stake reduced
Holcim Ltd has reduced its shareholding in SCCC from 36.8 per cent to 27.5 per cent. The shares have been purchased by Bangkok Broadcasting and Television Co, part of the Ratanarak Group, which will increase its shareholding in SCCC to 47 per cent.
SCCC has a cement production capacity of 16.5Mta at its Saraburi plant. With 3,250 employees, the company recorded net sales of US$755m in 2011. Holcim will remain a strategic partner of SCCC.
The Ratanarak Group’s investments not only cover construction materials businesses but it also has a strong presence in the banking and insurance business, as well as in real estate and television broadcasting.
Cementos Progreso shareholding sold
Furthermore, Holcim has sold its 20 per cent stake in Cementos Progreso SA (Progreso) to its majority shareholder, Grupo Cemcal SA Progreso, which owns a cement plant in San Miguel with an annual capacity of 3Mta.