Libya Holdings Group (LHG) will acquire a majority stake in Libyan Cement Company through a special purpose vehicle (SPV). The SPV will acquire a controlling interest in Libyan Cement Company from QuadraCir Group (QuadraCir). The transaction will be funded by LHG, using its existing cash resources, with some of the leading families and industrial companies in the Gulf Cooperation Council region as co-investors.
The oldest cement company in Libya, Libyan Cement Company has a significant market share in the Libyan cement market, and is the only producer of cement in eastern Libya. Under the terms of acquisition, LHG and its co-investors intend to invest in the cement producer to stabilise operations and increase cement production capacity to over three million tonne/year. The investment is targeted to meet the demand for cement in eastern Libya which is reliant on imports.