Huaxin Cement completed the acquisition of the entire equity interest in the Natal Portland Cement.

Huaxin Cement announced on December 27 that Huaxin (Hong Kong) International Holdings Limited (buyer), a wholly-owned subsidiary of the company, had acquired Natal Portland Cement Company (Pty) Ltd. Transaction of 100% equity interest in (Target Company).

As set out in the Previous Announcement, the Purchaser has conditionally agreed to acquire, and the Vendor has conditionally agreed to sell, 100% equity interest in the Target Company at a total consideration of approximately US $231.6 million (subject to adjustment), pursuant to a share sale and purchase agreement signed between the Purchaser and the Vendor, an independent third party. I.e. The Closing Consideration as amended after Closing based on the audited Closing Financial Statements net cash and working capital). The equity delivery of

this transaction was completed on December 26, 2023. The Company now holds 100% equity interest in the Target Company through the Purchaser, and the financial results of the Target Company are consolidated into the consolidated financial accounts of the Company.

On June 28, Huaxin Cement announced on the Hong Kong Stock Exchange that Huaxin (Hong Kong) International Holdings Limited, a wholly-owned subsidiary, had signed a share sale agreement with the INTERCEMENT TRADING INVERSIONES. The proposed acquisition of 100% of Natal Portland Cement Company (Pty) Ltd. is based on an enterprise value of US $265 million and a total consideration of about US $231.6 million.

It is understood that Natal Portland Cement Company (Pty) Ltd., a wholly-owned subsidiary of InterCement Cement Group in Brazil, is a locally registered cement manufacturer in South Africa and holds business sectors in South Africa and Mozambique. The South Africa business segment owns three cement plants, namely Simuma, Durban and Newcastle, and is the largest cement producer in KwaZulu-Natal Province of South Africa. Its main products include cement, concrete and aggregate, and its cement production capacity is about 1.8 million tons per year.