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It has purchased 35% of the shares of the cement factories with the view of redeveloping them. The Italian Group is expected to launch modernisation and redevelopment projects, which are due after the deal adoption by the Participations of the State. The operation comes as part of the privatisation process by opening of Algerian cement factories’ capitals. The Company will take in charge the management of both complexes. Its officials will be present in the board of directors and in the managing staff. The Complexes’ global production capacity stands for over 2 million tons with a good productivity rate, according to the communiqué of the Italian Group. The Italian Group presented, in return for the 35% of the shares, 58 million Euros for Azaba Factory and 52 million Euros for Sour Elghozlane. In the same context, the Company considered, through financial official Pedro Buzzi, that the Algerian complexes need 15 million Euros of investment to be redeveloped and modernised. He believes it is a promising project. Sour Elghozlane complex will need 5 million Euros whereas for Azaba complex 10 million are needed for the next two years. To recall, Sour Elghozlane Complex raised the productivity rate to 28% between 2002 and 2005. S. Hafid | ||||||||||||||||||
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Italian Buzzi purchases 35% of the shares of Azaba and Sour Elghozlane cement factories