Cyprus cement producers hike prices by 15%

SOURCE: Financial Mirror

Cyprus cement producers hike prices by 15%

Cyprus’ two cement producers, Vassiliko Cement Works Plc (VCW.CY) and the Cyprus Cement Company Plc (CCC.CY), which successfully merged their operations last year into a single entity announced their decision to increase the price of cement by up to 15% as of 19 January 2009.
The two cement producers have kept prices stable since April 2007 as part of a deal to win approval from the Committee for the Protection of Competition (CPC) to approve their merger plan, which effectively has created a monopoly.
Under the terms of the deal whereby VCW acquired the operating assets of CCC and in exchange it issued 25% of its share capital to CCC.

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