Siam City Cement buys Sri Lanka’s LafargeHolcim unit
ECONOMYNEXT – Thailand’s Siam City Cement Public Company Ltd has bought Holcim Lanka, Sri Lanka’s sole integrated cement manufacturer at price that valued the firm for 400 million US dollars.
Siam City Cement said in a stock exchange filing that it will buy 98.95 percent of the stock from Holderfin BV, through wholly owned subsidiary.
LafargeHolcim said the deal valued Holcim Lanka for 400 million US dollars.
Holcim Lanka is the country’s only integrated cement manufacturer to make cement from limestone at its plant in Puttalam. It also has a grinding plant in Galle which uses imported clinker.
The firm had revenues of 150 million dollars last year.
Lafarge Holcim said the deal will be closed on the third quarter.
The sale of Holcim Lanka deal and the sale of Indian assets had allowed it to reach three quarter of a 3.5 billion Swiss Franc target from asset sales. The funds will be used to cut debt. Following the merger of France-based Lafarge and Swiss-based Holcim the group has been selling assets. (Colombo/July25/2016)