Titan Cement announced on Thursday that its public offering to shareholders has been successful, reaching 93 percent of common shares and 92.3 percent of preference shares, with the Athens-listed company beginning its parallel trading at the Euronext market in Brussels from Tuesday, July 23.
The new parent company, Titan Cement International, will now be able to squeeze out the remaining shareholders and complete the corporate transformation planned by the Greek cement giant. Titan is also listed on the Paris bourse.
The company will now be able to have access to a greater investor base and expand the group’s funding sources with a more competitive cost of borrowing. The group will therefore be financed on terms similar to those enjoyed by its international competitors, given that Titan is present in 14 countries.