Cement & Clinker Co. – Port Co. – Energy Co. Ready Mix Concrete Co. – Mining Co.

 

  • One of the largest clinker and cement producer in Europe and in East Mediterranean with 4.2m ton/annum clinker and 6.5m ton/annum cement production capacity

  • Company had completed the first clinker line in 2005 with manageable short term credit.

  • The shareholders undertook a further aggressive expansion strategy and started an investment to increase the production capacity by 300% through a mixture of short and medium term borrowings

  • Cost overruns in investment budget and tanking clinker prices to one third of the budgeted prices due to global economic crisis just after the completion of the investment, caused severe liquidity problems in debt service and in operations

  • Debt was 75% higher than the revenues

  • Servo assumed the board advisor position to sole shareholder and chairman and acted as interim manager of finance

  • Production increased, revenues and profitability increased,  high capacity utilisation rates achieved, export markets and production diversified

  • Revenues increased by 30%, monthly EBITDA increased by 80%.

  • Servo acted as advisor and arranger for USD210m long term syndication and in house coordinator for share sale to private equity and strategic players

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