Sawiris Cuts Stake in world's largest Cement Co.

By: Taarek Refaat

BERN, Jan. 9 (SEE)- Egypt's wealthiest businessman Nassef Sawiris has cut his stakes in cement giant Lafarge Holcim.

The world's largest cement producer said on Wednesday that Sawiris, a major shareholder, had sold around 10 percent of his stakes in the corporation.

He sold about 1.6 million shares in the Swiss company in a deal worth more than 66 million Swiss francs ($ 67.8 million) last December.

Holcim confirmed the deal and refused to comment further after documents from the Swiss exchange and the French stock market regulator affirmed the settlement.

Prior to the transaction, Sawiris possessed 16.58 million shares and 6 million options accounting for 2.73 percent of the company.

Sawiris is the third biggest investor in the company, after Thomas Schmidheiny, who holds 69 million shares and the Desmarais family with 57 million.

Sawiris is ranked 4th among Africa's wealthiest, and 251th on Forbes 2019 wealthiest billionaires list.

He owns one of the world's largest nitrogen fertilizer producers Orascom Construction Industries (OCI), and 55 percent of English Football Club Aston Villa.

Sawiris also sits on the supervisory board of the sportswear Adidas with a 6 percent voting right.