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France's Vicat to build cement plant in Kazakhstan

Thu May 29, 2008 2:24am EDT

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ALMATY, May 29 (Reuters) - French cement maker Vicat (VCTP.PA) and Kazakh group Kazkommerts Invest will build a cement plant in the Central Asian state at an estimated cost of $230 million, Kazkommerts Invest said on Thursday.

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Vicat has a 60 percent stake in the project, while Kazkommerts Invest (KKI) owns the rest.

"The shareholders have invested $60 million, and the remaining $170 million will come from a syndicated loan," KKI Chief Financial Officer Murat Temirkhanov told Reuters.

He said the companies were in talks with the International Finance Corporation, the World Bank's private sector arm, over arranging the loan.

The plant, due to be built by 2010, will have an annual capacity of 1.1 million tonnes of cement. China's Triumph Engineering International will carry out construction work, Temirkhanov said.

Kazakhstan's highly leveraged construction sector was hit hard by the global liquidity squeeze, but analysts see a quick recovery due to persistent demand. (Reporting by Tatiana Seroshtanova; Writing by Olzhas Auyezov, editing by Will Waterman)

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