IFC gain 11.5% stake in Titan's western Balkans operations

Kenya-based National Cement Company (NCC) is set to receive KES 5.9 billion (US$67.1/€49.85 million) from the International Finance Corporation (IFC), as part of a KES 6.4 billion deal agreed in March 2014.

Under the deal, IFC will infuse US$5 million in NCC, followed by a further $15 million infused by NCC along with IFC African, Latin American and Caribbean Fund in exchange for a seat on the company's board of directors.

According to a statement, NCC will use the proceeds to promote infrastructure d

Titan Cement of Greece has reached an agreement with Kosovo's privatisation authority for the acquisition of the Sharr Beteilingung Group, which owns and operates a cement plant in Sharr. The new acquisition is not expected to have a significant effect in Titan's results this year since the Sharr plant, with an annual production capacity of 600,000tonnes, was already managed by the Greek group's management, under a leasing agreement.

Titan Cement Group generated record revenues of €1,714.6m, an increase of 6.7% from 2020.