Holcim, a Swiss building materials company, said it had completed the sale of its entire 83.81 per cent shareholding in Lafarge Africa PLC to Huaxin Cement.
The company, in a statement on Friday, said the transaction was valued at $1 billion on a 100 per cent equity basis before dividend adjustments.
The development comes eight months after Holcim announced that it had agreed to sell its Nigerian business to Huaxin Cement Ltd., a Chinese firm.
Lafarge Africa PLC is a member of the Holcim Group — a maker of roofing and other housing products, such as cement, aggregates for construction, and ready-mix concrete.
Speaking on the deal, Martin Kriegner, Holcim’s regional head for Asia, the Middle East and Africa, said the decision allowed the company to focus on growth in other markets while ensuring continuity for the Nigerian operations.
“We are pleased to have found in Huaxin Cement a trusted buyer that is committed to further developing the business in Nigeria,” Kriegner said.
He stated: “At the same time, the sale proceeds give Holcim additional capacity for our growth-focused capital allocation. We wish Lafarge Africa PLC and Huaxin Cement continued success.”
Huaxin Cement is one of China’s largest producers of building materials, expanding its footprint across Africa.
On April 30, 2025, Emomotimi Agama, the director general (DG) of the Securities and Exchange Commission (SEC), said the agency had not received any formal notice regarding the sale of Lafarge Africa to Chinese investors.
Also, before the completion of the deal, the federal high court had ordered Lafarge and Huaxin to maintain status quo.
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