HeidelbergCement has reduced its stake in Ciments du Maroc as part of a plan to optimise its portfolio and improve cash generation.
The company announced the sale of around 1.1 million shares representing 7.8% of Ciments du Maroc’s share capital for an aggregate amount of approximately € 140 million. The shares were sold to certain Moroccan institutional investors through an off-market block trade. Following this transaction, HeidelbergCement is to retain a controlling stake of 54.6% in Ciments du Maroc and continue to fully consolidate the company.
Dr. Bernd Scheifele, chairman of the managing board of HeidelbergCement, says: “HeidelbergCement is fully committed to remain the long-term majority shareholder of Ciments du Maroc, a key strategic asset within the Group’s portfolio. 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.”
International banking group BNP Paribas and its subsidiary BMCI advised HeidelbergCement on the sale of the shares.