JSE-listed cement manufacturer PPC’s subsidiary PPC International Holdings has successfully disposed of its 51% shareholding in Cimerwa, in Rwanda, for $42.5-million.
PPC confirms that all conditions precedent to the disposal have been fulfilled and that the proceeds have been received from the buyer, Kenya-based Devki Group’s subsidiary National Cement.
PPC CEO Matias Cardarelli comments that the sale of PPC’s stake in Cimerwa allows the Rwandan business to be part of a regional group that is better positioned to support its growth.
In turn, the disposal allows PPC to focus on its core Southern African markets where it sees opportunities to drive improved profitability and secure a more sustainable return on capital.
Cimerwa, which was established in 1984, is Rwanda’s only integrated cement manufacturer.