Cimpor acquires stake in Cimentos de Nacala, Mozambique

Cimpor acquires stake in Cimentos de Nacala, Mozambique
Published: 04 October 2010

Portugal-based Cimpor has bought a 51% stake in Mozambique’s Cimentos de Nacala from Brazil’s Camargo Corrêa Cimentos, the company announced in a regulatory filing issued in Lisbon.  Cimentos de Nacala is based in the north of Mozambique, where it has a 0.35Mta cement mill with land and limestone quarries.

In the statement, 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.” The final purchase price for the stake will be adjusted based on a audit, but at the moment the share equity is estimated at US$6m.

Camargo Corrêa is Cimpor’s biggest shareholder with a 32.6% stake.