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News Huaxin Cement buys remaining African business from InterCement

Huaxin Cement buys remaining African business from InterCement

Written by Global Cement staff 28 June 2023
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Mozambique/South Africa: 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 and one integrated 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.

Last modified on 09 December 2024
Published in Global Cement News
Tagged under
  • Mozambique
  • South Africa
  • Brazil
  • China
  • Huaxin Cement
  • Intercement
  • Acquisition
  • Cimentos de Mocambique
  • Natal Portland Cement
  • GCW614
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