Cimentos de Moçambique sold to Chinese group Huaxin Cement

Cimentos de Moçambique will be controlled by Chinese group Huaxin Cement, which has acquired all of InterCement Trading Inversiones’ shares in the company.

The Competition Regulatory Authority (ARC) said it had received notification of a merger operation last month. The action consisted of Huaxin’s acquisition of 100% of the shares held by InterCement in Nepal Portland Cement Company (NPC). NPC holds stakes in South African and Mozambican companies, namely InterCement South Africa Proprietary Limited (in South Africa) and Cimentos de Moçambique (in Mozambique).

ARC’s announcement notes that the highlight of the companies involved in this transaction is Huaxin Hong Kong, a wholly owned subsidiary of Huaxin. It has 300 branches in ten Chinese provinces and cities and in nine other countries.

(Source: Business Magazine)