WIH Cement Developing Co Ltd has agreed to purchase 1,574,904 shares of Cimenterie de Lukala SA (CILU), which operates a 0.36Mta integrated cement plant in Lukala, near Kinshasa, Democratic Republic of Congo (DRC). The deal will see WIH Cement Developing Co acquire the 91.02 per cent stake for US$3.7m from Scancem Central Africa Holding 1-4, owned indirectly by Heidelberg Materials.
The acquisition is expected to expand the Mauritius-based company's regional advantage in the DRC cement market, by leveraging its technology and management.
Standard Chartered Bank (Hong Kong) Ltd acted as sole financial adviser in the transaction.
