The European Bank for Reconstruction & Development's (EBRD) Board of Directors has postponed the pending decision on raising the bank’s stake in the equity capital of Holcim (Azerbaijan) OJSC up to 20 per cent but retains plans to double its participation in the cement producer.

"Now the consideration of this matter is scheduled for 7 September 2016," said the EBRD. Previously, the matter was expected to be considered on 20 July by the Board of Directors.

The bank aspires to continue supporting Holcim (Azerbaijan) to improve energy efficiency through the introduction of alternative fuels in its fuel mix.

LafargeHolcim owns more than 80 per cent of the company’s share capital and provides managerial, technical and commercial resources.