Votorantim Cimentos Sells Operation In Tunisia
Date
7/26/2024 11:34:24 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Brazil's Votorantim Cimentos reports it signed on Friday (26) an agreement for the full sale of its assets in Tunisia to Chinese construction firm Sinoma Cement, which has achieved diversified development in concrete, aggregate, bricks, admixture, and co-processing.
A press statement explains this divestment is aligned with the Votorantim Cimentos ' strategy, which seeks to maximize value for its shareholders and balance the geographic positioning between mature and emerging markets, optimizing the risk management of the company's consolidated portfolio.
The firm entered Tunisia by buying the operations from Portuguese cement company Cimport in 2010. The financial statements presented by the end of the first quarter show a 8% decline in the demand by the product in the country compared to the same period of 2023, with figures from the National Chamber of Cement Producers (CNPC).
Votorantim Cimentos reports that the completion of the transaction is subject to the fulfillment of customary precedent conditions, including the approval by regulatory authorities in China, Tunisia and in the Common Market for Eastern and Southern Africa (Comesa).
Votorantim
Votorantim Cimentos is a leading multinational firm from Brazil. It is a building materials and sustainable solutions company with over 13,000 employees. In addition to Tunisia, the firm has operation plants in other ten countries, including Morocco.
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Translated by Guilherme Miranda
Votorantim Cimentos/Supplied
The post Votorantim Cimentos sells operation in Tunisia appeared first on ANBA News Agency .
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