TITAN Cement Company S.A. announces the completion of a 50 million Euro equity investment by International Finance Corporation (IFC) in TITAN’s subsidiaries in F.Y.R. of Macedonia, Serbia and Kosovo. The transaction resulted in IFC holding, through TITAN Cement Cyprus Ltd., a minority stake of approximately 11.5% in TITAN’s operations in the above countries.
The collaboration in the region with an institution such as the IFC is thus extended beyond Albania and is expected to add significant value to TITAN’s investments in Southeastern Europe.
TITAN is an independent cement and building materials producer with 110 years of industry experience. Based in Greece, the Group owns cement plants in 9 countries and is organized in four geographic segments: Greece and Western Europe, U.S.A., Southeastern Europe and Eastern Mediterranean. Throughout its history TITAN has aimed to combine operational excellence with respect for people, society and the environment.
In 2011, the Group sold 15.3 m. tonnes of cement and cementitious materials, 3.7 m. m3 of ready mixed concrete, 10.9 m. tonnes of aggregates and various other building materials like concrete blocks, dry mortars etc.
Detailed financial and other information is available on the ΤΙΤΑΝ Group website: www.titan-cement.com
The above announcement was notified to the Athens Exchange, the H.C.M.C. and was also posted on the Athens Exchange website.