Swiss cement-maker Holcim has sold its 84% stake in Lafarge Africa to Huaxin Cement of China.
The $1bn deal is subject to approvals, but is expected to be confirmed in 2025.
Last year, Holcim sold its subsidiaries in Uganda to local conglomerate Sarrai Group for $120m and its Tanzania holdings to Amsons Group for an undisclosed amount.
Holcim has also announced the spin-off of its North American business, which will have a separate listing on the New York stock exchange.
The new company will be classed as a “domestic issuer” under Securities and Exchange Commission rules; an additional listing will be made on the SIX Swiss exchange for the benefit o European investors.
The spin-off is subject to shareholder approval at the Holcim annual general meeting on 14 May. If given the green light, it is due to be completed in the first half of 2025.
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