Benghazi-based Libya Holdings Group is to acquire Austrian majority owner Asamer in the Libyan Cement Company (LCC), according to reports in the Libyan Herald.
Asamer bought into LCC when it was privatised in 2008 paying LYD200m for a 50.6 per cent share. The remaining equity was held by the Economic and Social Development Fund. Ten percent of the ESDF’s shares were supposed to be distributed to the workers.
Asamer was seeking investors and strategic partners to take on its Libyan business since last year.
LCC's Benghazi and Hawari units are located in Benghazi suburbs, whilst Al Fataiah is situated in Derna, around 300km to the east.