First publishedon www.AggBusiness.com
Titan Cement International is buying back the minority stakes held by the International Finance Corporation (IFC) in Titan businesses in Southeast Europe and Egypt.
The agreement with the IFC, which is part of the World Bank Group, is subject to fulfilment of certain conditions and is valued at €81.8m.
Cement and building materials company Titan says the transaction will conclude its successful cooperation with IFC gradually established since 2008 in Albania, Egypt, Serbia, North Macedonia, and Kosovo.
In a statement it added: "Titan’s partnership with IFC has helped the Group during difficult times in challenging markets. At the same time, IFC has supported and guided Titan’s efforts to further enhance its environmental, sustainability and governance practices in those countries. It has been a fruitful collaboration lasting over ten years."
Titan says the incremental investment in its own subsidiaries underscores its long-term business strategy in these regions, while allowing further growth.