Sibirsky unit receives clearance to increase Iskitimtsement stake

Russia’s Federal Antimonopoly Service has allowed Sibirsky Cement unit Topkinsky Cement to increase its stake in Iskitimtsement to 49.9 per cent from 24.97 per cent, Sibirsky Cement said in a statement on Tuesday.

In April 2012, Sibirsky Cement acquired a 10 per cent stake in Iskitimsement. It then approached the Russian competition watchdog for permission to buy the remaining 90 per cent stake which was denied.  In December the holding raised its stake in Iskitimsement to 24.87 per cent.