Huaxin says that the deal, valued at US$231.6m, involved its acquisition from InterCement of the 100% equity interest in Natal Portland Cement Company by its wholly-owned subsidiary Huaxin (Hong Kong) International Holdings Limited.
Natal Portland Cement (NPC) operates cement plants in Durban, Newcastle and Port Shepstone; concrete plants in the South Coast, North Coast, Central Durban and Highway Area; and aggregate plants in the South Coast and Durban Highway Area.
The Huaxin board says the acquisition was completed on 26 December 2023. The company now holds 100% of the Natal Portland Cement's shares and the financial results of the Natal are being consolidated into those of the Huaxin
São Paulo-based InterCement says that the deal completes the divestment of its African businesses having already sold its Mozambique and Egypt operations in 2023.
