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FINANCIAL NEWS
Dubai Group plans to sell stake in Lafarge JV
15 Sep 2012
(MEAFN) Dubai Group plans to sell its 45 per cent stake in a joint venture firm with French cement maker Lafarge to help repay its USD10 billion debt, Arabian Business reported.
Lafarge Emirates Cement is restructuring and needs additional capital to help support the business, which Dubai Group cannot provide due to its debts, according to two sources familiar with the matter.
One source said it would essentially represent the amount required to be injected into the company by the stakeholder, meaning Dubai Group might not receive a significant amount for the asset.
Lafarge Emirates Cement was set up as a joint venture between Lafarge, the largest cement company in the world, Dubai Group, part of conglomerate Dubai Holding, and the Fujairah emirate in 2005.
The company runs a plant in Fujairah with a production capacity of 3.2 million tons of cement.
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