Maputo, 07 Ago (AIM) – The Chinese group Huaxin Cement has taken control of Mozambique’s largest cement company, Cimentos de Moçambique (CM).
CM was set up under the Portuguese colonial regime in 1924. After Mozambican independence, in 1975, it became a state owned enterprise. In the wave of privatisations of the late 1980s, CM was purchased by the Portuguese cement giant, Cimpor.
Cimpor is now part of InterCement Trading, and Huaxin has acquired 100 per cent of the shares held by InterCement in the Nepal Portland Cement Company (NPC).
According to an announcement from the Mozambican Competition Regulatory Authority (ARC), the main player in this transaction is Huaxin Hong Kong, a wholly owned subsidiary of Huaxin, registered in Hong Kong but incorporated in China.
It has 300 branches in ten Chinese provinces and cities and in nine other countries, namely Tajikistan, Kyrgyzstan, Uzbekistan, Cambodia, Nepal, Tanzania, Zambia, Malawi and Oman, where it operates in the cement manufacturing and sales markets.
For its part, NPC holds stakes in South African and Mozambican companies, namely InterCement South Africa Proprietary Limited (in South Africa) and Cimentos de Moçambique (in Mozambique).
Established in South Africa, NPC is owned by a holding company (InterCement Trading Inversions) incorporated under the laws of Spain.