Greece's Titan buying back IFC's minority stakes in SEE, Egypt units for 81.8 mln euro

“This transaction will conclude Titan’s successful cooperation with IFC gradually established since 2008 in Albania, Egypt, Serbia, North Macedonia, and Kosovo,” the group said in a press release.

The agreement is subject to fulfillment of conditions precedent, Titan said, adding that its partnership with IFC has helped the group during difficult times in challenging markets.

“At the same time, IFC has supported and guided Titan’s efforts to further enhance its environmental, sustainability and governance practices in those countries. It has been a fruitful collaboration lasting over ten years.”  

“This incremental investment in its own subsidiaries underscores Titan’s long-term business strategy in these regions, while allowing further growth,” the company noted.

Titan employs about 5,500 people and is present in 15 countries, operating cement plants in 10 of them - the U.S., Greece, Albania, Bulgaria, North Macedonia, Kosovo, Serbia, Egypt, Turkey and Brazil.

($ = 0.90336 euro)