First publishedon www.AggBusiness.com
HeidelbergCement has reduced its stake in Moroccan company Ciments du Maroc as part of its action plan to optimise its portfolio and improve cash generation.
The sale by the German global building materials giant of around 1.1 million shares representing 7.8% of Ciments du Maroc’s share capital generated around €140 million. The shares were sold to certain Moroccan institutional investors through an off-market block trade. Following this transaction, HeidelbergCement will retain a controlling stake of 54.6% 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 €1.5 billion of disposal proceeds by the end of 2020.”
BNP Paribas and BMCI advised HeidelbergCement on the sale of the shares.