HeidelbergCement reduces its stake in Ciments du Maroc

HeidelbergCement reduces its stake in Ciments du Maroc
22 February 2019

As part of its action plan to optimise its portfolio and improve cash generation, HeidelbergCement is its reducing stake in Ciments du Maroc.

HeidelbergCement announces the sale of around 1.1m shares, representing 7.8 per cent of Ciments du Maroc's share capital, for an aggregate amount of approximately EUR140m.

The shares were sold to Moroccan institutional investors through an off-market block trade. Following this transaction, HeidelbergCement retains a controlling stake of 54.6 per cent in Ciments du Maroc and continue to fully consolidate the company.

"HeidelbergCement is fully committed to remain the long-term majority shareholder of Ciments du Maroc, a key strategic asset within the Group’s portfolio," said Dr Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. "The reduction in shareholding is part of our action plan to optimise our portfolio and generate cash in order to speed up deleveraging.  We continue to be well on track to reach our target of EUR1.5bn of disposal proceeds by the end of 2020."

HeidelbergCement stated that BNP Paribas and BMCI advised on the sale of the shares.

Published under Cement News