Libya Holdings Group (LHG) will have acquired a majority stake in Libyan Cement Co. (LCC) by 30 April 2015. The LHG sponsored vehicle will acquire a controlling interest in LCC from QuadraCir Group (QuadraCir).
LHG will fund the transaction using its existing cash resources, with some of the leading families and industrial companies in the GCC region as co-investors. LHG intends to retain LCC’s existing management team, alongside Asamer’s technical knowhow, to ensure operational continuity.
LHG and its co-investors will invest tens of millions of US dollars to finance LCC’s capital expenditure plan designed to stabilise operations and increase the production capacity to over 3 million tpa, ensuring LCC is able to meet the growing demand for cement in eastern Libya.
Robert Solomon, CEO of LCC, stated: “We believe that this investment will be extremely positive for our customers, employees and partners. LHG’s commitment to the operational continuity provides stability for the company, while its commitment to growing capacity makes it an ideal long-term partner for the development of the country’s industrial capabilities.”
