Swiss cement giant Holcim has confirmed the sale of its Nigerian operations to Huaxin Cement for an equity value of $1 billion. Under the terms of the transaction, Holcim sold its entire 83.81% stake in Lafarge Africa Limited (Lafarge Africa PLC) to Huaxin Cement at a price determined before the dividend adjustment. Martin Kriegner
, Holcim's head of Asia, Middle East and Africa, said: "We are delighted to have found such a trusted buyer in Huaxin Cement, who is committed to further developing the business in Nigeria." "At the same time, the proceeds from the sale provide Holcim with additional funds to support our growth-oriented capital allocation," he added. We wish Lafarge Africa and Huaxin Cement much success in the future. Preliminary details of
the deal were first announced in 2024, when it was still subject to routine and regulatory approvals. The sale of the Nigerian business is part of a series of divestitures by Holcim. Holcim has previously sold its operations in Uganda and Tanzania to the Sarrai Group and the Amsons Group respectively in 2023. Specifically, Holcim sold Uganda's Hima Cement Limited (Hima Cement Ltd) to the Sarai Group, while it sold its 65% stake in Tanzania's Mbeya Cement Limited (Mbeya Cement Company Ltd) to the Anson Group. Announcing the divestitures
at the time, Mr Krigner said the moves helped Holcim consolidate its strategic focus in its core markets. "These divestiture actions advance our strategy as a global leader in innovative and sustainable building materials solutions and are designed to strengthen our leadership position in our core markets," he stressed. "We are delighted to have found a strategic and trusted partner in Sarai Group and Anson Group, who are best suited to develop these businesses for the long term," he added.