Mozambique’s Grupo Insitec to keep small stake in Cimentos de Nacala

Mozambique’s Grupo Insitec to keep small stake in Cimentos de Nacala
Published: 22 August 2011

Mozambican group Insitec will own one per cent of Cimentos de Moçambique, a subsidiary of Cimpor, the chief executive of the Portuguese group, Francisco de Lacerda, said Wednesday in Lisbon.

Insitec’s taking a share in the Cimpor subsidiary in Mozambique is part of a wider operation that included the agreement between the two sides in which Cimpor would acquire the remaining 49 per cent of Cimentos de Nacala (Cinac), still owned by Insitec and would then own the entirety of the cement mill.
As well as handing over one per cent of Cimentos de Moçambique, Cimpor also made a cash payment for this further stake in Cinac.

“In the first few days of this half we reached an agreement to buy the other 49 per cent of Cinac, something which was planned from the start,” said Lacerda.

The share swap between Cimentos de Moçambique and Insitec and the payment in cash to the Mozambican group are expected to be concluded by the end of the year.

On 25 March, Cimpor announced to the market it had acquired 51 per cent of Cinac, for US$6.4m.