AlbanianEconomy.comNews from Albania
Titan signs contract in Albania
Tirana, Nov. 21, 2008 (AENews) - Greek cement and building materials producer Titan announces that it signed a contract with the IFC (International Finance Corporation) and the EBRD (European Bank for Reconstruction and Development) for their participation with both equity and debt financing in its subsidiary Antea Cement Sh. A. in Albania.
The resulting participation in the capital of Antea will be as follows: Titan with €37.8 m and IFC and EBRD with €12.6m each. Above and beyond these amounts, all three shareholders have undertaken the obligation to provide the following shareholder loans to Antea: €50.4 m by Titan and €16.8m each by the IFC and the EBRD.
Antea, a Titan Group subsidiary, is in the process of constructing a greenfield cement plant in Albania. The new plant will have 1.5m tons of production capacity and is expected to be completed by the end of 2009. Antea is registered in Tirana under the ownership of Alvacim limited, a Cyprus based subsidiary of Titan. Antea have a paid up capital of lek 4.3 BN (USD 43 MLN Euro 35.2 mln).
This year, Antea brought 65% of its competitor Alba Cemento Italia sh.p.k. for an undisclosed amount. Titan controlled during 2007, 17.5% of cement market in Albania, through its exports from Greece.
Other Articles
1 Response for “Titan signs contract in Albania”
Leave a Reply
I wonder what percentage of the market does Titan control now??
I don’t know what the maximum controling limit is in Albania for a non-monopolistic company.