Titan buys back IFC minority stake in SE Europe/Egypt units

Greece-based Titan said that its board of directors has approved the acquisition of the minority stakes held by the International Finance Corp in its units in Egypt and four countries of southeastern Europe for EUR81.8m.

“This transaction will conclude Titan’s successful cooperation with IFC gradually established since 2008 in Albania, Egypt, Serbia, North Macedonia, and Kosovo,” the group said.

The agreement is subject to fulfilment of conditions precedent, Titan said, adding that its partnership has helped the group during difficult times in challenging markets.

“At the same time, IFC has supported and guided Titan’s efforts to further enhance its environmental, sustainability and governance practices in those countries. It has been a fruitful collaboration lasting over 10 years.”

“This incremental investment in its own subsidiaries underscores Titan’s long-term business strategy in these regions, while allowing further growth,” the company noted.