Cyprus: Vassiliko Cement does not expect strategy change

Cyprus’s Vassiliko Cement Works Plc Ltd said HeidelbergCement AG is now in control of almost 26 per cent of the Cypriot cement company's voting rights after it acquired a controlling stake in two of its major shareholders.

HeidelbergCement directly and indirectly owns 45.5 per cent of Italcementi, which in turn is the owner of of Compagnie Financière et de Participations and Italmed Cement Co, which own 9.7 and 16.3 per cent of Vasiliko shares, respectively, reports Cyprus Business Mail.

A spokesperson at Vassiliko said that the Cypriot cement producer is not expecting that the acquisition will change the company’s strategy as HeidelbergCement happens to be one of its three major shareholders.

According to Vassiliko’s 2015 annual report, the Church of Cyprus is directly or indirectly in control of 26 per cent of Vassiliko while the Cyprus Cement Public Company Ltd owns 25.3 per cent.