A Swiss building materials company, Holcim, has concluded plans to sell its 83 per cent stake in Lafarge Cement valued at about $1 billion to Chinese firm, Huaxin Cement Ltd.
Lafarge Africa Plc is a member of the Holcim Group — a maker of roofing and other housing products, such as cement, aggregates for construction and ready-mix concrete.
The company said in a statement that the agreement has been signed, noting that the transaction is expected to close in 2025.
“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 $1 billion on a 100% basis.
“The transaction is expected to close in 2025, subject to customary and regulatory approvals,” the statement reads.
Holcim, however, did not give reasons for its exit.
