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Huaxin Cement buys remaining African business from InterCement, Mozambique assets included
12:24 CAT | 03 Jul 2023
File photo: Cimentos de Moçambique / Facebook
China-based Huaxin Cement has agreed to buy the Africa-based business of InterCement for US$265m.
The deal includes the Brazil-based company’s assets in Mozambique and South Africa.
It follows InterCement’s sale of its business in Egypt earlier in 2023 to an unnamed buyer. The company will use the latest proposed sale to reduce its debts.
The transaction will be subject to approval from regulators in China, Mozambique and South Africa. InterCement appointed JP Morgan as its financial advisor to the sale of its operations in Egypt, Mozambique and South Africa.
InterCement operates two integrated cement plants and three grinding plants in Mozambique under its Cimentos de Moçambique subsidiary.
It also operates one integrated cement plant and two grinding plants in South Africa under its Natal Portland Cement subsidiary.
Huaxin Cement’s operations in Africa include subsidiaries in Malawi, Tanzania and Zambia.
Source: Global Cement News
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