EBRD refuses to increase its share at Holcim (Azerbaijan)

Baku.24 August. REPORT.AZ/ The European Bank for Reconstruction and Development (EBRD) has refused to increase its share at the leading concrete manufacturer of Azerbaijan “Holcim (Azerbaijan)” OJSC.

Report informs citing foreign media.

According to information, the Bank’s Board of Directors has made such a decision. However, reason of the decision not disclosed.

Notably, currently, EBRD controls 10% Holcim shares. Within the framework of the support to Azerbaijan’s economy, last year, the bank decided to increase its stake by 20%. Some 76% of Holcim’s shares belong to Switzerland’s “Lafarge Holcim” and "Holcim Auslandbeteiligungs GmbH.” Companies (66% and 10% respectively), 10% to the European Bank for Reconstruction and Development (EBRD) and 14% to individuals.

The authorized capital of the joint stock company established in 2010 is 31, 813 mln. AZN. The enterprise finished 2015 with 99 mln. AZN and 016 with 27 mln. AZN net loss.