The shareholders of Cementir Holding SpA announced on Monday that the company's Board of Directors will be able to raise the company's capital by up to EUR300m within five years, according to a statement released yesterday.

The Italian cement major said in January it would ask its shareholders to approve an increase of up to EUR300m, including share premium, in one or more tranches.

Via the rights issue, Cementir aims to increase its resources and financial flexibility in implementing its growth strategy. Apart from supporting external growth, the resources raised may be used to enhance the value of existing investments.

The terms and conditions of each issue will depend on the market conditions and the opportunities that will arise preceding each cash call, Cementir said.

Francesco Caltagirone, Cementir chairman, told shareholders that there are no currently no potential acquisitions being examined.