Holcim, a Swiss cement manufacturer, said in a statement on Sunday that it will sell its approximately 84% share in Lafarge Africa to Huaxin Cement of China in order to quit the Nigerian market.
A 100 per cent share was sold for $1 billion.
The sale is in keeping with Holcim’s plan to simplify its holdings and concentrate on areas with strong growth, including the impending spin-off of its North American division, which is still on course to go public in the US in the first half of 2025, the statement said.
Holcim’s announcement, which omitted more information regarding the rationale behind this particular sale, stated that the transaction is anticipated to close in 2025, subject to regulatory approval.
