Camargo Correa acquires controlling stake in ??CimNacala
Brazilian company Camargo Correa Cimentos has acquired 51 per cent of Cimentos de Nacala (CimNacala) of the Mozambican Insitec group.
CimNacala operates a grinding facility in the port city of Nacala, Nampula province.
The cost of the acquisition was not revealed in the Saturday announcement by the company, a member of the Camargo Correa group. It also acquired limestone reserves near the plant.
Earlier this year, Camargo Correa purchased a stake in Portuguese producer Cimpor as part of its strategy to increase its international presence.
Insitec is a Mozambican conglomerate operating mainly in the heavy construction industry. It will maintain a 49 per cent stake in CimNacala.
Source: MacauHub
Published under Cement News
