Further reduction in Moroccan shareholding as part of action plan to optimize portfolio and improve cash generation
HeidelbergCement have further reduced their stake in Ciments du Maroc as part of their action plan to optimize their portfolio and improve cash generation.
The company has sold around 500,000 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 retain a controlling stake of 51.0% in Ciments du Maroc and will continue to fully consolidate the company.
Commenting on the deal, Dr Bernd Scheifele, chairman of the managing board of HeidelbergCement, said: ‘HeidelbergCement are fully committed to remain the long-term majority shareholder of Ciments du Maroc, a key strategic asset within the Group’s portfolio.
‘The further reduction in shareholding is part of our action plan to optimize 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.’