Holcim has revealed a significant update to its business strategy within Africa as it consolidates its “core markets”.
The company has unveiled agreements which will see it divest Hima Cement in Uganda to the Sarrai Group for $120 million USD ($184,367,160 AUD).
It will also sell its 65 per cent stake in Mbeya Cement Company in Tanzania to Amsons Group for an undisclosed amount.
“These divestments advance our strategy to consolidate our leadership in core markets as the global leader in innovative and sustainable building solutions,” Regional Head Asia, Middle East and Africa Martin Kriegner said in a statement.
“With the Sarrai Group and Amsons Group, we are pleased to have found strategic and trusted partners who are best positioned to develop these businesses in the long term.”
Holcim confirmed that the completion of both transactions is subject to obtaining the respective regulatory clearances.