Greece-based Titan Cement Co SA has completed the sale of 75 per cent of Adocim Cimento Beton Sanayi ve Ticaret SA in eastern Turkey, the company said on Monday.
Titan Cement had first announced the sale, valued at US$87.5m, in February this year subject to approval from financial regulators.
The company said in a statement that it is part of Titan Group’s wider strategy to strengthen its portfolio. Titan will retain operation of cement-grinding facilities and supplementary cementitious materials in other regions of Turkey.
