Displaying items by tag: Sale

Guatemala: Cemex has sold its operations in Guatemala to Holcim Group for US$200m. The deal includes one grinding mill, three ready-mix plants and five distribution centres. The grinding mill has a capacity of 0.6Mt/yr.

CEO of Cemex Fernando González said "In 2024, we have accelerated the execution of our portfolio rebalancing strategy with the announced sale of more than US$2bn in assets located primarily in emerging markets. We are now primed for the next stage by redeploying most of the divestment proceeds in developed markets, primarily the US. We expect these efforts to drive sustainable growth for our business in the short and medium term."

Europe: CRH has finalised the sale of its lime operations across Europe for US$1.1bn. The transaction concluded with the divestment of the group’s operations in Poland.

Philippines: Cemex has received approval from the Philippine Competition Commission (PCC) to sell 90% of Cemex Holdings Philippines's shares. The approval relates to a joint acquisition by DMCI Holdings, Semirara Mining and Power and Dacon of shares in Cemex Asian South East Corporation, which holds a major stake in Cemex Holdings Philippines. This clearance is a requirement for finalising the transaction, contingent on further compliance by the acquiring companies.

Dominican Republic: Cemex has signed an agreement to sell its operations in the Dominican Republic to Cementos Progreso Holdings and partners for US$950m. The sale includes a cement plant with a capacity of 2.4Mt/yr, 12 concrete plants, a quarry and two distribution centres, as well as export businesses to Haiti.The divestment is expected to finalise in the fourth quarter of 2024, pending closing conditions.

Fernando Gonzalez, CEO of Cemex, said "This transaction advances us significantly in our portfolio rebalancing strategy which is focused on reducing our exposure in emerging markets and redeploying capital into growth investments in priority markets, primarily the US."

Kenya: Savannah Cement will sell assets including its Athi River grinding plant to compensate creditors, following its liquidation after entering administration in 2023, Business Daily has reported. Savannah Cement’s administrator PKF Kenya announced that the closing date for expressions of interest will be 16 August 2024. The company owes creditors US$139m. KCB Bank Kenya and Absa Bank Kenya, as preferential creditors, are owed US$68.5m and US$40.3m respectively, and will have their claims prioritised in the liquidation process. The forced sale value of these assets stands at US$58.6m, suggesting losses for unsecured creditors.

Argentina: InterCement, the Brazilian group owning Loma Negra, has extended an exclusivity period with Companhia Siderúrgica Nacional (CSN) until 12 August 2024 to finalise the sale of its assets. Despite no firm commitment to sell, this move sidelines local investor Marcelo Mindlin's bid.

InterCement said in a statement "There is no signed document that generates any firm obligation or commitment on its part, its shareholder, and/or its subsidiaries in connection with the potential transaction."

According to CE Noticias Financieras, InterCement is under financial strain with debts of US$1.6bn. It is continuing to negotiate with creditors and strategise asset divestments.

India: Adani Group is planning to acquire cement assets from Jaypee Group, which include over 9Mt/yr of cement capacity, following Jaiprakash Associates' insolvency proceedings initiated in early June 2024. The National Company Law Tribunal in Allahabad admitted Jaiprakash Associates for corporate insolvency on 3 June 2024. Adani would acquire significant assets in the deal, including limestone mines and a power plant, although formal asset sale processes have not yet commenced.

Argentina: The sale of the cement plant Loma Negra by Argentine company to Brazilian firm Companhia Siderúrgica Nacional (CSN) will not proceed. The exclusivity term for negotiations expired on 12 July 2024 without an agreement, as stated in a communication to the Buenos Aires Stock Exchange by Loma Negra. It is now speculated that businessman Marcelo Mindlin may become a candidate to acquire the company.

Brazil: InterCement, part of the Camargo Correa Group, has now signed an exclusivity contract with Companhia Siderúrgica Nacional (CSN). CSN is interested in acquiring its operations in Brazil and Argentina. The contract is effective until 12 July 2024 and is part of efforts to address the company’s debt, which the market estimates at over US$1.5bn. The contract also involves the potential purchase of shares representing 100% of its capital. The value of the transaction is part of current negotiations, but it is reportedly valued at around US$700m, according to CE Noticias Financieras News.

InterCement operates plants in Argentina, Brazil, Paraguay and Egypt, as part of Camargo Correa's cement business divestment plan. Previously, in June 2023, InterCement divested its subsidiaries in Mozambique and South Africa.

Kenya: Savannah Cement’s creditors voted in favour of administrator Peter Kahi’s debt reduction plan for the company on 16 April 2024. Kahi’s plan involves leasing out the site of the company’s Kitui plant, while also seeking a buyer for it.

Business Daily has reported that the Office of the Attorney General has declared Kahi's reappointment as administrator of Savannah Cement on 24 January 2024 as invalid.