The European Bank for Reconstruction and Development (EBRD) plans to increase its share in Holcim Azerbaijan OJSC’s capital from current 10 percent to 20 percent, said EBRD in a message posted on its website.
According to the message, the EBRD is considering an additional investment in Holcim to increase the bank’s stake in the company with a view to extend its participation in the business.
“The objective of the project is to continue supporting Holcim Azerbaijan to improve energy efficiency through the introduction of alternative fuels in its fuel mix,” said EBRD. “The bank will continue to support a major company in Azerbaijan, demonstrating continued support for the country’s non-oil sector.”
“In addition, the company is committed to sustainability standards and will pursue the use of alternative fuels in its operations,” the message said.
The project will be discussed by the EBRD Board of Directors on July 20.
Holcim Azerbaijan OJSC is one of the largest cement and clinker producers in Azerbaijan.
LafargeHolcim, the world’s most advanced group in the building materials industry, acquired a controlling stake in Holcim Azerbaijan, formerly Garadagh OJSC, during a privatization process in 1999.
Today, LafargeHolcim owns more than 80 percent of the company’s share capital and provides managerial, technical and commercial resources.
Around 40 percent of the cement market in Azerbaijan accounts for Holcim Azerbaijan’s products.