Portuguese cement producer Cimpor on Friday completed the acquisition of Mozambican sector player CINAC.
A stake of 51% in the African company was bought from Brazilian peer Camargo Correa Cimentos, Cimpor said in a filing with Portugal’s bourse regulator CMVM. The move was completed through Cimpor’s local subsidiary Cimentos de Mocambique SA.
The investment value of the operation was to the tune of EUR 4.5m.
Cimpor will start taking part in the financing of CINAC - Cimentos de Nacala.
CINAC is located in the northern part of Mozambique. The company’s plant has an installed capacity to produce 350,000tpa.