HeidelbergCement further reduces its stake in Ciments du Maroc
Part of its action plan to optimise its portfolio and improve cash generation
Today, HeidelbergCement announces the sale of around 0.5 million shares representing 3.6% of Ciments du Maroc’s share capital for an aggregate amount of approximately €73 million. The shares were sold to certain Moroccan institutional investors through a block trade. Following this transaction, HeidelbergCement will retain a controlling stake of 51.0% 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 further 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.”
HeidelbergCement is one of the world’s largest integrated manufacturers of building materials with leading market positions in aggregates, cement and ready-mixed concrete. The company employs some 57,000 people at more than 3,000 locations in around 60 countries.