Malaysia’s Cima to form jv with France’s Vicat for stake sale in units

Malaysia’s Cima to form jv with France’s Vicat for stake sale in units
Published: 20 November 2006

Cement Industries of Malaysia Bhd (CIMA) has agreed to set up a joint venture with French cement company Vicat SA which the two firms will use as a vehicle for the sale of CIMA’s stakes to the French company, the Star newspaper reported, citing sources.

The report said CIMA and Vicat have agreed to set up a 51-49 joint venture company into which CIMA’s units will then be injected.

The deal values CIMA’s units at 300 mln usd, the newspaper said.

In March, Vicat offered to acquire controlling stakes in CIMA subsidiaries Negeri Sembilan Cement Industries Sdn Bhd, Pemasaran Simen Negara Sdn Bhd, Unipati Concrete Sdn Bhd, Cimaco Edar Sdn Bhd and Cimaco Quarry Sdn Bhd.