Bermuda Cement Company boss Jim Butterfield has agreed to sell his interest in the company to three new shareholders following negotiations with potential buyers.

The identity of the new shareholders is expected to be made public today. They will join SAL, Bierman's and Cemex as the joint-owners of the company, which has operated the twin silo cement plant at Dockyard for the past 43 years.

Mr. Butterfield has also stepped down as general manager. He is replaced by Chris Shanks who last night said: "As of today there are three people in the process of Jim's shares.

"They have asked me to be the general manager. We are trying to bring some stability to the cement situation and the economy. We will still have issues with Wedco (West End Development Corporation) to deal with."

A question mark hangs over the future of bulk cement supplies to Bermuda after a breakdown in the relationship between the cement company and Government quango Wedco, which is landlord of the current plant site.

The cement company had been engaged in protracted talks with Wedco regarding extending its lease to use the Dockyard site after it was requested to demolish the plant and build a new facility nearby, as well as sell a percentage of its shares "on the street" in return for a new 20 year lease.

But after a breakdown in negotiations last month, Wedco said it would not extend a "good faith" lease to the company beyond the end of the year. A compromise to ensure a January shipment of bulk cement was agreed last week, which allows the cement company to bring in a final ship delivery and sell that cement during January and February.