No Result
View All Result
Wednesday, July 16, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Austrians bought out of Libyan Cement Company by local investor

byNigel Ash
July 30, 2017
Reading Time: 2 mins read
A A

By Libya Herald reporters.

Who is lining up LCC for disruption ?
LCC cement trucks in Benghazi two years ago  (Photo: LCC)

Tripoli, Tuesday, 28 April 2012:
Benghazi-based Libya Holdings Group is buying out the Austrian majority owner in the Libyan Cement . . .[restrict]Company, in a deal which will give it control of the largest cement maker in North Africa.

The Austrian building materials firm Asamer bought into LCC when it was privatised in 2008 paying LD 200 million for a 50.6 percent share. The remaining equity was held by the Economic and Social Development Fund. Ten percent of the ESDF’s shares were supposed to be distributed to the workers.

Last year Asamer ran into financial troubles and some of its assets, including its shares in LCC, were transferred to a holding company for disposal. It is from this holding company, QuadraCir that Libya Holdings is acquiring ownership at an undisclosed price in a deal which is likely to be sealed this Thursday.

LCC contributed to Asamer’s financial woes. It has three plants with 2,300 employees. Despite sending four aid convoys to its workers during the revolution, the management quickly ran into industrial unrest after Qaddafi’s defeat. Staff demanded to be paid LD33 million in wages for when the three plants, two in Benghzi and one outside Derna, were idle. A crippling strike and threat to 33 foreign employees forced Asamer to shut the plant.

RELATED POSTS

Eastern Libyan government engages Turkish company to assess safety of dams

Libya’s Derna flood response cost lives – independent investigation needed: HRW

Production was beginning to restart when violence returned to Benghazi. Both the factories in that city are in Hawari, one of the main centres of fighting against Ansar Al-Sharia. Neither is currently operational.

Ahmed Ben Halim, the founder of Libya Holdings, has said the deal is worth “tens of millions of dollars”. He added that it would also involve Libya Holdings investing millions more in upgrading production facilities.

Ben Halim told the Financial Times that he was not crazy to be investing at a time when Benghazi was still in parts a war zone and there are serious questions over the security of the Derna plant. “We have a long-term strategic plan” he said, “that Libya’s going to rebuild its infrastructure. And a key element of this is cement.”

Ben Halim’s father Mustafa Ahmed Ben Halim was King Idris’ prime minister for three years until 1957 and lived in exile after Qaddafi came to power.

Ben Halim said that Libya Holdings was being backed on the LCC deal by 15 investors from the Arabian peninsula, including Saudis, Kuwaitis and citizens of the UAE, as well some investors based in Europe.

 

Tags: AsamerAustriacementDernafeaturedHawariLCCLibyaLibyan Cement Company

Related Posts

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments
Business

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments

July 15, 2025
CBL receives results from meetings with international banks
Business

Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa

July 15, 2025
Libyan Export Promotion Centre changes to become Libyan Export Development Authority – new logo adopted
Business

Libyan Export Promotion Centre changes to become Libyan Export Development Authority – new logo adopted

July 15, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

Three health centres opened in Benghazi after maintenance and development

July 14, 2025
Libya to invest $140 billion in projects over the next decade
Business

Tripoli based Libyan government plans to complete 150,000 housing units by 2030

July 14, 2025
Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop
Business

China to resume implementation of its stalled railways projects in Libya

July 14, 2025
Next Post
Total writes down over three quarters of a billion dollars in Libya

Total writes down over three quarters of a billion dollars in Libya

Dignity rejects UNSMIL invitation to dialogue, calls on Leon to tell UN to lift embargo

Dignity rejects UNSMIL invitation to dialogue, calls on Leon to tell UN to lift embargo

ADVERTISEMENT

Top Stories

  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Three Fisheries officials temporarily suspend from work by Administrative Control Authority suspected of corruption

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.