International Cement to acquire African company for US$104.4m

INTERNATIONAL Cement Group on Monday said it has entered into a conditional sale and purchase agreement to acquire a 100 per cent stake in Schwenk Namibia Pty Ltd for an aggregate US104.4 million in cash, comprising US$19.3 million for all its shares and another US$85.1 million for the purchase of its loans.

Schwenk Namibia Pty Ltd owns a 69.83 per cent stake in Ohorongo Cement, and a 100 per cent stake in EFF. International Cement noted that following its"successful diversification" into the cement business in Central Asia in 2017, the group has decided to expand its cement business into Africa. As compared to building a new cement plant, having a commercially operational plant will eliminate project risk during the construction period, the company said.

Among other things, the proposed acquisition is subject to shareholders' approval at an extraordinary general meeting to be convened, and the transactions being approved by the relevant government authorities.

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