Brazil-based InterCement Participações SA is considering listing its European and African operations to raise cash and reduce debt, Reuters reported.

The company is expected to include in the listing Cimpor Cimentos de Portugal SA and mills in Cape Verde, Mozambique and South Africa, according to sources close to the matter.

The transaction has been discussed with investment banks, but InterCement has not appointed financial advisors as yet.

The company's controlling shareholder, Camargo Correã, previously considered the sale of a stake and asset swaps.