Holcim close sale of Nigeria business
Company completes divestment of entire shareholding in Lafarge Africa to Huaxin Cement
HOLCIM have completed the divestment of their Nigeria business, selling their entire 83.81% shareholding in Lafarge Africa plc to Huaxin Cement at an equity value of US$1 billion on a 100% basis before dividend adjustments.
Martin Kriegner, Holcim’s regional head of Asia, Middle East and Africa, said: ‘We are pleased to have found in Huaxin Cement a trusted buyer that is committed to further developing the business in Nigeria. At the same time, the sale proceeds give Holcim additional capacity for our growth-focused capital allocation. We wish Lafarge Africa plc and Huaxin Cement continued success.’
Gang Xu, vice-president of Huaxin Cement, said: ‘We look forward to welcoming Lafarge Africa into the Huaxin family of companies. We are excited to learn more about Nigeria and Lafarge Africa; its people, culture and the market for building materials.
‘Leveraging the knowledge and experience of the management and staff of the company, combined with our experience gained from the operation of more than 60 cement plants, and other businesses, in 12 countries – including seven in Africa – we will devise plans for the further growth of Lafarge Africa.’
Lolu Alade-Akinyemi, chief executive officer of Lafarge Africa, reaffirmed the company’s commitment to Nigeria: ‘Our journey in Nigeria for the past 65 years has been one of resilience, collaboration, and consistent growth. Our market position and long-term market potential are promising.
‘This transition provides an opportunity for Lafarge Africa to continue growing and evolving, supported by the investment and global expertise of Huaxin Cement. We will remain steadfast, delivering value to our customers, sustaining our upward momentum, and ensuring a smooth transition for everyone.’
