China-based Huaxin Cement has agreed to buy the Africa-based business of Brazil’s InterCement for US$265 million.
The sale includes assets in Mozambique and South Africa, according to China-Lusophone Brief, and follows InterCement’s sale of its business in Egypt earlier in 2023 to an unnamed buyer.
The transaction is pending the approval of regulators in China, Mozambique and South Africa, China-Lusophone Brief says.
[See more: Chinese investors will begin surveying heavy sands in Mozambique]
InterCement has been operating two integrated cement plants and three grinding plants in Mozambique under its Cimentos de Moçambique subsidiary.
It has also been operating 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.
