Cimpor buys 49 pct of Angola’s Nova Cimangola

Cimpor buys 49 pct of Angola’s Nova Cimangola
Published: 09 November 2004

Cimentos de Portugal SGPS SA (Cimpor) said it has acquired from two companies belonging to Holcim AG and HeidelbergCement AG, the entire share capital of Scanang Holding Ltd, whose sole asset is a 49 per cent stake in Angola’s Nova Cimangola SA.  The other main shareholders in Nova Cimangola are the Angolan government with 39.8 per cent and Banco BAI with 9.5 per cent.  

Nova Cimangola has an integrated cement factory located near Luanda, the capital, with a clinker production capacity of 540,000tpa and a cement grinding capacity that will be increased to 1.3Mta, by the beginning of 2005.    The final acquisition price of the stake in Nova Cimangola will be the pro rata share of the assets value of the company less the net financial debt position.