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29 Aug 2016

Titan Cement Egypt,
تيتان مصر للأسمنت

TITAN Cement Egypt responds to Ombudsman's decision to launch compliance investigation into investment

[This is a response to] the decision of the Compliance Advisor Ombudsman (CAO) to launch a compliance investigation with respect to IFC's pre-investment review and supervision of its investment in Alexandria Portland Cement Company (APCC)…

TITAN Cement Egypt (TCE) has fully supported the CAO process in assessing the complaint received on the Alexandria Portland Cement Company (APCC), and APCC’s perspective has been expressed and documented in its official reply to the CAO, proving that it is operating in full compliance with the Egyptian legislation. It should be noted that APPC had undergone extensive due diligence prior to IFC’s financing decision and we have since been subjected to regular, thorough and constructive monitoring meetings with the IFC…

During the compliance investigation APCC is determined to continue working closely with IFC and all stakeholders in designing and implementing action plans and initiatives that will successfully address any potential issues and will allow CAO to close swiftly the investigation.

TITAN Cement Egypt' earlier response

TITAN Cement Egypt's 2014 Corporate Social Responsibilty and Sustainability Report