Russia's largest cement maker Eurocement has increased its stake in Holcim to 10.8 per cent, newspaper Handelszeitung reports in article to be published Thursday.

Eurocement's owner, Filaret Galchev-Kaltsidis, has spent CHF100m (US$109m) to raise its holding from 10.1 per cent, the paper reports.

"Our position in Holcim is now about 35 million shares, or 10.8 per cent. We have taken advantage of the low share prices for the purchase," Thierry Sauvaire, chief executive of Eurocement Holding AG, the company's investment arm, is quoted as saying.