Steppe Cement Biggest Shareholder Increases Stake

Kazakhstan Boosts Cement Exports

LONDON (Alliance News) – Kazakhstan-based construction materials producer Steppe Cement Ltd on Tuesday said Alwaha Fund Ltd has bought 975,000 shares in the company for an undisclosed amount.

Following this, Azmi Wan Hamzah, who holds interests in Steppe Cement through Alwaha Fund, Halfmoon Bay Capital Ltd, and Mango Bay Enterprises Ltd, has raised his shareholding to 62.8 million shares. This represents 29% of Steppe Cement’s issued share capital.

Wan Hamzah is Steppe Cement’s largest shareholder.

Shares in Steppe Cement were untraded on Tuesday afternoon, last quoted at 15.10 pence.

Steppe Cement Ltd (STCM:London) is the Malaysian-incorporated holding company of the two operating companies, Karcement J.S.C., and Central Asia Cement J.S.C., that form the cement manufacturing complex at Karaganda in central Kazakhstan.

Steppe Cement was listed on the AIM in London in September 2005 and raised US$21 million by the issue of 14 million new shares in March 2006 in order to finance its the refurbishment of two large dry-process kilns.