Huaxin Cement Intends to Acquire Lahao Zambia, Malawi Cement and Related Businesses for US $160 Million

Huaxin Cement announced that on June 10, 2021, the board of directors of the company considered and approved the Bill on the Acquisition of Lahao Zambia, Malawi Cement and Related Business Transactions, and approved the company to take Huaxin (Hainan) Investment Co., Ltd. as the direct buyer. Based on the overall enterprise value of Lafarge Zambia Plc of US $150 million and the overall enterprise value of Lafarge Cement Malawi Ltd of US $10 million, the total purchase price is estimated to be about US $160 million. Acquisition of 24.9% and 50.1% of the Lafarge Zambia Plc respectively (75% in total) held by Financi Financière Lafarge SAS and its wholly-owned subsidiary Pan African Cement, Pan African Cement hold 100% of the shares of Lafarge Cement Malawi Ltd and may acquire up to 25% of the shares of Lafarge Zambia Plc held by the public.