JSC Azerbaijan Investment Company (AIC) ceased its presence in the Garadagh cement plant by selling a 10% stake in JSC Holcim (Azerbaijan) to one of the existing shareholders. This is stated in the annual report (http://goo.gl/FUdw7Q) of the Ministry of Economy, which is a shareholder in AIC on behalf of the state.
The deal between AIC and Holcim Auslandbeteiligungs Gmbh was held on 18 November 2015. The cost of the contract was not disclosed. Turan News Agency tried to get information about it in the press service of the Ministry of Economy. However, there is no information on the cost of the transaction.
AIC purchased 159,064 (10%) of the shares of Garadagh Cement Plant in 2007 from Holcim Ltd - the holder of the basic package of shares of Holcim (Azerbaijan). Then the company was called Garadagh Cement. AIC paid Holcim Ltd (Switzerland) 13.7 million Euros. With the par value of 20 manats, it was paid out over 86 AZN per share.
According to the register of shareholders released in the first half of 2015, Holcim Ltd owns 66% of shares of Holcim (Azerbaijan). Holcim Auslandbeteiligungs Gmbh is a subsidiary of Holcim Ltd. It then owned 57,474 (4.24%) shares of the cement plant.
The shareholders of Holcim (Azerbaijan) also include the European Reconstruction and Development Bank (10%), as well as several hundred individuals.
In 2015 JSC Holcim (Azerbaijan) paid dividends to shareholders, totaling 51.5 million AZN or AZN 32.42 per share. Garadagh Cement Plant underwent reconstruction after EBRD and AIC became shareholders in 2009-2012. ----08B
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