Holcibel sells its shares in Lebanese cement company Holcim SAL

BEIRUT — Lebanese company Holcim SAL, one of three cement firms in Lebanon, announced in a statement that its main shareholder, the Belgian group Holcibel SA, "has reached a conditional agreement regarding the proposed sale of all its shares in Holcim SAL," without, however, mentioning the reasons for the transaction.

Holcibel SA's holdings represent "52.07 percent of the company's outstanding common shares," the Holcim SAL statement noted, adding that the sale will be made "to B.Z.L Cement Holding S.A.L. and North Pine S.A.L. (Holding), two Lebanese companies respectively owned by Mohammad Zeidane and close family members, and by Gilbert Sassine."

"Registration of the transaction on the Beirut Stock Exchange, including the actual transfer of shares, remains subject to the fulfillment of certain conditions precedent outlined in the agreement," the statement concluded. The amount of the transaction and the allocation of these shares to the buyers were not disclosed.

Mohammad Zeidane, known for his ties to the Future Movement and former Prime Minister Fouad Siniora, is the father-in-law of MP Tony Frangié and heads Phoenicia Aer Rianta (PAC), a company responsible for managing and operating the duty-free shops at Beirut International Airport between 2002 and 2022, before the State Council canceled its contract.