Zambia business sold to Chinese cement group Huaxin in line with Holcim’s portfolio transformation
HOLCIM have closed the sale of their business in Zambia, representing a 75% stake in the company, to the Chinese cement group Huaxin for an enterprise value of US$150 million for 100% of the company. The deal was closed following approvals from the Chinese and Zambian authorities.
Jan Jenisch, Holcim’s chief executive officer, said: ‘This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions, giving us the flexibility to continue investing in attractive growth opportunities.
‘Huaxin have been a trusted partner for many years, and we see the company as an ideal owner to further develop the business in Zambia.’
The sale of Holcim’s business in Zambia follows the divestment of the company’s Indian Ocean cluster, which closed at the end of October 2021. Since 2019 the company has achieved more than US$3.1 billion in divestments.