Brazilians sell Cimpor [Portugal and Cape Verde] to Turkish group OYAK; Mozambique unit, others not included

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Brazilians sell Cimpor [Portugal and Cape Verde] to Turkish group OYAK; Mozambique unit, others not included

3:13 CAT | 26 Oct 2018

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Portuguese cement company Cimpor has signed an agreement with Turkish group OYAK (Ordu Yardımlaşma Kurumu) to sell all the assets in the Portugal and Cape Verde business unit, the company said on Friday.

This deal means the cement company, which is currently owned by Brazilian firm Camargo Corrêa, sells its three factories, 20 quarries and 46 concrete plants in Portugal and Cape Verde, but no prices have been released.

Cimpor units in Latin America (Argentina, Brazil and Paraguay) and in the remaining African countries (Mozambique, South Africa and Egypt), are not covered by this operation, meaning that, for now, they remain in the hands of Brazilian group InterCement, reads a report published today by Diario de Noticias online.

OYAK is the first and largest pension fund in Turkey. It was founded in 1961 and is the leader in strategic investments in profitable and continued growth sectors in various industries such as cement and concrete, mining, metallurgy, car building, energy, chemicals, farming, logistics finance and aluminium.

Source: Lusa / Diário de Notícias