Segun Atanda/
Swiss cement giant Holcim has finalised an agreement to sell its 83.81% stake in Lafarge Africa Plc to Chinese cement manufacturer, Huaxin Cement, for $1 billion.
The deal, disclosed in a regulatory filing on the Nigerian Exchange, marks Holcim’s exit from the Nigerian market as part of its global portfolio rebalancing strategy.
Lafarge Africa, with four plants across Nigeria and a total installed production capacity of 10.5 million tons annually, represents a significant addition to Huaxin’s growing footprint in Africa.
The acquisition aligns with Huaxin’s strategic expansion, following its $265 million purchase of InterCement Brazil’s South African operations in December 2023.
The transaction is expected to be finalised in 2025, pending regulatory approvals. Upon completion, Huaxin Cement will assume the majority stake in Lafarge Africa and intends to launch a mandatory takeover offer in accordance with applicable Nigerian laws.
Despite the ownership change, Lafarge Africa Plc will remain listed on the Nigerian Exchange.
This acquisition underscores Huaxin’s commitment to expanding its presence in high-growth African markets while positioning Lafarge Africa for continued operational stability under new ownership.
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