Lisbon, Portugal, 4 Oct – Portuguese cement company Cimpor – Cimentos de Portugal signed a contract to acquire 51 percent of Mozambican company Cinac – Cimentos de Nacala from Brazil’s Camargo Corrêa Cimentos, the company said in a regulatory filing issued Friday in Lisbon.
In the statement sent to Portuguese stock market regulator CMVM, the board of Cimpor also said that the shares had previously been acquired by Camargo Corrêa from Mozambican group Insitec, and that the deal was, “subject to notification of the appropriate Mozambican authorities and approval by Cinac’s financing banks.”
According to the statement, “the final purchase price for 51 percent of Cinac will be adjusted based on an audit, and at the moment is estimated at US$6 million for the share equity of the stake.”
Cinac is a company based in Nacala, northern Mozambique, which has a cement mill with installed capacity of 350,000 tons per year along with land and limestone quarries.
Brazilian group Camargo Corrêa is Cimpor’s biggest shareholder with a 32.6 percent stake. (macauhub)