AU COMMISSION CHAIRPERSON ARRIVES IN BAMAKO TO REVIVE DIALOGUE WITH MALI. (PHOTO).

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 AU Commission Chairperson Arrives in Bamako to Revive Dialogue With Mali Mahmoud Ali Youssouf arrived for a two-day official visit, according to an AU statement. He was welcomed by Mali’s Foreign Minister Abdoulaye Diop and is also expected to meet with President Assimi Goïta, it said, Sputnik reported. The visit comes as Mali remains suspended from AU activities since June 2021. The AU has reaffirmed its support for Mali’s sovereignty and territorial integrity while proposing increased assistance to the security sector.
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SWISS CEMENT MAKER HOLCIM EXITS NIGERIA, SELLS BUSINESS TO CHINESE FIRM. (PHOTO).

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 Swiss cement maker Holcim exits Nigeria, sells business to Chinese firm


Swiss cement maker Holcim will exit its Nigerian business through the sale of its nearly 84% stake in Lafarge Africa to China’s Huaxin Cement, it was announced on Sunday.


The sale price is $1 billion for a 100% stake.


The sale aligns with Holcim’s strategy to streamline its portfolio and focus on high-growth regions, including the upcoming spin-off of its North American business, which remains on track for a U.S. listing in the first half of 2025.


The transaction is expected to close in 2025, subject to regulatory approval, according to Holcim’s statement, which did not provide further details on the reason for this specific sale.


In November 2023, Holcim said it had signed deals to sell its businesses in Uganda and Tanzania, further advancing its strategy to consolidate leadership in core markets as the global leader in innovative and sustainable building solutions.


According to Reuters, The deal marks the latest in a series of African acquisitions by Huaxin Cement. In 2021, Huaxin Cement announced it had agreed to buy two businesses that were part of Lafarge, which merged with Holcim in 2015: a 75% stake in Lafarge Zambia and all of Lafarge Cement Malawi.

Last year, it also announced the purchase of South Africa’s Natal Portland Cement Company.


Holcim has been focusing on sustainable growth in its core markets, higher-margin products, and strategic infrastructure investments. The company is also working to enhance its environmental credentials, having taken a stake in Sublime Systems, a U.S. tech start-up focused on low-carbon cement.


In October, Holcim reported a slightly better-than-expected recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter.

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