Venezuela: Holcim receives final installment

Holcim today announced that the group has received the last compensation installment in connection with the nationalisation of Holcim Venezuela in 2008.

Corporación Socialista Del Cemento SA, which is now operating the former Holcim plant, has transferred the remaining compensation amount of US$97.5m intially due on 10 September 2014, the Swiss cement producer said in a statement.

Holcim reported back in October that it was still awaiting the final installment and was in contact with relevant parties.

The agreed total compensation amount for nationalization of Holcim Venezuela was US$650m.