M. Zeidan and G. Sassine
buy majority share in Holcim

52 percent stake sold by parent company

Belgian firm Holcibel, a fully-owned subsidiary of Holcim Group, has entered into a conditional agreement to sell its entire 52.1 percent stake in Holcim-Liban to B.Z.L Cement Holding and North Pine (Holding). Holcim Group, the ultimate parent company of Holcim-Liban, is a Swiss-based global manufacturer.

Both buyers are incorporated in Lebanon. B.Z.L Cement is owned by Mohamed Zeidan and members of his immediate family. Zeidan has several activities in trade and real estate, and is best known for his Casa del Habano cigar franchise. North Pine is owned by Gilbert Sassine, with extensive African business. He is active in real estate, especially in Fakra (Kfarzebian).

Holcibel’s stake corresponds to 10.2 million of Holcim-Liban’s outstanding common shares. In its latest trading on the Beirut Stock Exchange on October 7, 2025, the price of Holcim-Liban’s share closed at $72.5 (lollars). This means that the stake was valued at $736.7 million (lollars) on the bourse.

“The registration of the transaction at the Beirut Stock Exchange, including the actual transfer of shares, remains contingent upon the satisfaction of certain conditions precedent set forth in the agreement,” Holcim-Liban said.

The other shareholders in Holcim-Liban include Bank Audi (ten percent), Seament (Holding) controlled by Mark Bouri and his family (5.44 percent), Baaklini SAL (5.73 percent), the Maronite Patriarchate, Tony Choueiri, Elias Sobhi, Youssef Sobhi, Fadi Antonios, Jack Saba, and Roy Hajj.

It is expected that Gilbert Sassine will chair the incoming board.

The pre-sale board included Grant Watson Earnshaw (representing Holcibel), Raya Farid Raphael, Maronite Patriarchate, Marc Alex Bouri, and Zeina Aziz Zeidan.

Holcim-Liban, which was established in 1929, produces grey and white cement. Its subsidiaries include Société Libanaise des Ciments Blancs (SLCB) and Bogaz Endustrive ve Madencilik (BEM).