Swiss building materials giant Holcim has exited the Nigerian market after completing the sale of its 83.81 percent stake in Lafarge Africa Plc to Huaxin Cement, one of China’s leading cement producers.
Gatekeepers News reports that in a statement on Friday, Holcim confirmed that the transaction was concluded at a value of $1 billion on a 100 percent equity basis, subject to dividend adjustments.
The move finalises an agreement announced eight months ago, when Holcim revealed plans to transfer its Nigerian operations to Huaxin Cement Ltd.
Lafarge Africa Plc, a subsidiary of Holcim, manufactures cement, aggregates, ready-mix concrete, and other construction materials.
Commenting on the deal, Martin Kriegner, Holcim’s regional head for Asia, the Middle East and Africa, said the transaction reflects a strategic shift.
He noted, “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.”
Huaxin Cement, which has been expanding its footprint across Africa, will now take full control of Lafarge’s operations in Nigeria.
