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Vasiliko and CCC in negotiations

09/03/2007 15:53
Vasiliko Cement Works and The Cyprus Cement Company – two companies that are actively involved in the clinker and cement production in the domestic market - announced on Friday that they are in negotiations to reach an agreement. The draft of the agreement has already been prepared and the Boards of Directors will meet today to have talks. Invited by StockWatch to talk about the agreement, VCW General Manager, Giorgos Sideris said that the companies will release a second announcement if they reach an agreement. As for the possible restriction of competition that might arise from the cooperation between the two, Mr. Sideris avoided mentioning the terms of the agreement that will determine the business relation of the two companies.


According to an announcement released today, the proposed agreement is expected to affect the economic prospects and the future course of the two companies, which might subsequently affect the investors’ decisions and the price of the share of the companies. Due to the latest developments, the CSE decided to suspend the trading of the shares for the protection of the investing public.


In 2006, the Cyprus Cement Company recorded profits of £1.3 million against £850 thousand in 2005. Vasiliko Cement Works generated profits of £10.7 million against £6.9 million in 2005.

Cement sales follow upward trend

According to CYSTAT data released recently, the domestic cement sales in January – December 2006 showed an increase of 2.4% to 1,627.2 thousand against 1,588.7 thousand in 2005.