Holcim AG, the Swiss building materials giant, has sold its controlling stake in LaFarge Africa Plc to Chinese cement company Huaxin Cement for a total sum of $1 billion.
A statement from Holcim AG reads, “Holcim has signed an agreement with Huaxin Cement Ltd. to sell its entire 83.81% shareholding in Lafarge Africa PLC at an equity value of USD 1 billion on a 100% basis.“
This deal is expected to be concluded in 2025 after going through the regulatory exercises involving such huge sales or transactions.
This wouldn’t be the first time Holcim AG will sell off its business stake in African companies. The last sale was recorded in 2021, when they sold off 75% of its Zambia business to the same Huaxin Cement Company for a value of $150 million.
The Swiss company intends to focus on areas or countries where demand for its building materials and construction products is growing rapidly.
The Holcim Group has a presence in around 60 countries and over 60,000 employees. Holcim operates four business segments: cement, aggregates, ready-mix concrete, and other products, including precast concrete, asphalt, mortar, and other building materials (source: Wikipedia).
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