China’s Huaxin Cement is awaiting regulatory approvals for two transactions under which it plans to acquire controlling stakes in Zambia’s largest cement manufacturer Lafarge Cement Zambia and Pan African Cement of Malawi, APA learnt here on Tuesday.
Huaxin said in a statement that it intends to spend US$160 million towards acquiring cement factories in Zambia and Malawi.
Under the deals, the Chinese firm plans to spend US$150 million on the acquisition of a 75-percent stake in Lafarge Cement Zambia from French firm Financiere Lafarge, as well as another US$10 million on purchasing Pan African Cement from Lafarge Cement Malawi.
Lafarge is one of largest cement producers in Zambia where it operates two integrated cement factories, with combined production capacity of 1.5 million tonnes per year
Pan African Cement operates a grinding plant in Malawi’s commercial capital Blantyre
If approved, the transactions would see Huaxin increasing its footprint in Africa following the recent acquisition of Tanzania’s Maweni Limestone Limited.