The European Bank for Reconstruction and Development (EBRD) plans to increase its stake in Holcim Azerbaijan, the biggest cement producer in Azerbaijan, to 20% from a current 10%.




"The EBRD is considering an additional investment in Holcim OJSC to increase the bank's stake in the company with a view to extend its participation in the business," the EBRD said in a statement.




The goal of the investment is "to continue supporting the company to improve energy efficiency through the introduction of alternative fuels in its fuel mix," it said.




"The bank will continue to support a major company in Azerbaijan, demonstrating continued support for the country's non-oil sector. In addition, the company is committed to sustainability standards, and will pursue the use of alternative fuels in its operations," the EBRD said.




On July 20 the EBRD board of directors plans a preliminary review of the issue of increasing the stake in Holcim Azerbaijan.




Holcim Azerbaijan produces 35%-40% of Azerbaijan's cement and clinker. The company's main shareholders are LafargeHolcim (66%), EBRD (10%) and Holcim Auslandbeteiligungs GmbH (10%).



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