Portuguese cement company Cimpor concludes acquisition of 51 pct stake in Mozambique’s Cimentos de Nacala

28 March 2011

Lisbon, Portugal, 28 March – Portuguese cement company Cimpor has concluded the acquisition of 51 percent of Mozambican company Cimentos de Nacala (Cinac) from its shareholder Camargo Corrêa Cimentos the group said in a statement filed with Portuguese market regulator, CMVM.

The acquisition was made via its subsidiary Cimentos de Moçambique for US$6.4 million, and Cinac’s management, in partnership with Mozambique’s Insitec group, will be mainly ensured by Cimentos de Moçambique.

Cinac is located in Nacala, northern Mozambique, and has a cement mill with installed capacity of 350,000 tons per year along with land and limestone quarries.

In October, 2010 Cimpor reported it had signed the first contract related to this deal and was waiting for the necessary authorizations from the Mozambican authorities and “approval from Cinac’s financing banks.” (macauhub)