December 1, Huaxin Cement announced that it planned to purchase equity assets for $838 million (about RMB 6.082 billion) and eventually hold control of a listed company in Nigeria.
Huaxin Cement said that the company intends to acquire 100% of the Caricement B. V. Held by Holderfin B. V. Through its wholly-owned subsidiary Hainan Huaxin Pan-African Investment Co., Ltd. for $560 million in cash; Through its wholly-owned subsidiary Huaxin (Hong Kong) International Holdings Limited, After the Associated International Cement Limited transferred its 27.77% stake in the Lafarge Africa Plc (hereinafter referred to as the "final target company") to the Davis Peak Holdings Limited. Acquisition of 100% equity interest in Davis Peak Holdings Limited held by the Seller for US $278 million in cash.
Huaxin Cement introduced that the Holderfin B. V. Holds 100% of the company's largest shareholder, Holchin B. V., and is a wholly-owned subsidiary of Holcim Limited (Chinese name "Holcim"). According to the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, this transaction constitutes a connected transaction. The final target company of this
transaction is the earliest cement enterprise in Nigeria, which has abundant limestone resources and good location advantages, and has considerable potential for technology and management optimization after merger and acquisition. After the
merger and acquisition, the Nigerian factory, as an important strategic fulcrum of the company in West Africa, will help the company to rapidly expand the West African market, open up new development space and achieve another major strategic breakthrough.
