OREANDA-NEWS. June 25, 2010. OJSC Garadagh Cement has organized shareholders meeting.

The Company reports that the meeting was devoted to standard report on GC activity in 2009.

“Besides, the Company decided not to pay dividends for the past year in connection with realization of a large investment project – drastic reconstruction of the cement enterprise,” GC says.

The key shareholder of the Company is Switzerland’s Holcim. The European Bank for Reconstruction & Development Bank and Azerbaijan Investment Company own by 10% in equity capital.

Since 2008 GC has been involved in construction of a new kiln for cement production that will enable to switch to dry method of manufacture.

The kiln project cost is 350 million euro and t is financed by Holcim and from EBRD loan. The Asian Development Bank will also extend a loan for the project.

Garadagh Cement is the main cement producer in the South Caucasus.