Holcim says that it has finalised the sale of Lafarge Africa, offloading its whole 83.81% stake in Lafarge Africa Plc to China’s Huaxin Cement. The deal, valued at $1 billion on a 100% fairness foundation earlier than dividend changes, marks Holcim’s exit from Nigeria.
Martin Kriegner, Regional Head for Asia, Center East & Africa, in a press launch, mentioned the transaction offers Holcim with recent capability for growth-focused investments. Within the assertion, he additionally expressed confidence in Huaxin’s dedication to increasing Lafarge Africa’s footprint in Nigeria.
Nevertheless, this declare is an about-face from floor actuality, as a Nigerian Federal Excessive Court docket has ordered all events to keep up the established order whereas an attraction is underway. The case, introduced by Strategic Consultancy Ltd, an area shareholder, challenges the legality of the sale and alleges infringements of Nigeria’s Firms and Allied Issues Act (CAMA) 2020, Securities and Alternate Fee Act, and the Nigeria Funding Promotion Fee (NIPC) Act. Key points embody whether or not the divestment was executed transparently and with due regard for minority shareholder rights.
