22/11/2010

CLOSING OF MINORITY STAKE SALE IN EGYPT 

Titan Group announces the completion of the € 80 m equity investment of “International Finance Corporation (IFC)” in “Alexandria Portland Cement Company S.A. E. (APCC)” through the purchase of a stake in Titan’s holding company “Alexandria Development Limited (ADL)”. The transaction resulted in IFC holding through ADL a 15.2% minority stake in APCC and subsequently in Titan’s Egyptian operations.

The collaboration with an institution like the IFC is expected to add significant value to Titan’s investment in Egypt.

Titan is an independent cement and building materials producer with over 100 years of industry experience. Based in Greece, the Group owns 13 cement plants in 8 countries and is organized in four geographic regions: Greece & Western Europe, USA, Southeastern Europe and Eastern Mediterranean. Throughout its history, Titan has aimed to combine operational excellence with respect for people, society and the environment.

In 2009, the Group sold over 16 m. tonnes of cement and cementitious materials, 4 m. m3 of ready mixed concrete, 15 m. tonnes of aggregates and various other building materials such as concrete blocks, dry mortars etc.

Detailed financial and other information is available on the Titan Group website: www.titan-cement.com

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