Cement producer Holcim has reduced its shareholding in Siam City Cement Company (SCCC) in Thailand and sold its minority shareholding Cementos Progreso in Guatemala – deals worth a combined total of CHF 375 million (US$ 412 million).
Holcim now owns a 27.5% stake in materials producer SCCC, reduced from 26.8%. The shares have been bought by Bangkok Broadcasting and Television, which itself is owned by the Ratanarak Group.
Holcim said it would remain a strategic partner of SCCC, which has a cement production capacity of 16.5 million tonnes at its Saraburi plant and reported net sales of US$ 755 million in 2011.
Meanwhile in Guatemala, Cementos Progreso’s majority shareholder, Grupo Cemcal Progreso, bought Holcim’s 20% stake in the company.
The news comes after Holcim said it expected to book CHF 510 (US$ 560 million) in fourth quarter charges and write-downs related to the restructuring of its European business.