Russia-based Eurocement Holding AG is planning to increase its stake in Uzbekistan's second largest cement producer Ahangaran Cement up to 100 per cent.
Currently, Eurocement Holding AG owns 83.9186 per cent or 4,136,269 shares in the company.???According to reports by Uzbekistan Daily, it now plans to acquire an additional 792,637 shares, or 16.0814 per cent stake in the company, Uzbekistan Daily reported.
Should the deal proceed, Eurocement Holding AG will own 4,928,906 shares in Ahangaran Cement, which will make up 100 per cent in its charter capital.
Ahangaran Cement has been a part of Eurocement since July 2006. It operates one plant with a capacity of 1.74Mt.
Last week, Ahangaran Cement reported that it produced 565,200t of clinker and 739,500t of cement in the first half of the year, up 12.8 per cent and 1.4 per cent YoY, respectively.