HeidelbergCement has successfully sold its majority stake of 51% in the Kuwaiti cement and ready-mixed concrete company Hilal Cement to Silver Share Real Estate. The parties agreed not to disclose the sale price. This sale is the first step of a comprehensive portfolio optimisation announced by HeidelbergCement last year as part of its “Beyond 2020” strategy.
“We are pleased with the closing of the transaction in Kuwait,” says Dr Dominik von Achten, Chairman of the Managing Board of HeidelbergCement. “The focus of our portfolio management is on simplifying the country portfolio and prioritising the strongest market positions. The sale of our shares in Hilal Cement in Kuwait is a first step in this process.”
Hilal Cement operates in Kuwait four ready-mixed concrete plants and two cement terminals on the local port site. The company joined HeidelbergCement AG in 2016 as part of the acquisition of Italcementi and has since been managed by the Egyptian subsidiary Suez Cement.