africa Cement construction Industry Mozambique

Compact Metal Industries to buy majority stake in cement plant in Mozambique

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Singapore’s Compact Metal Industries plans to buy a 51% stake in a partially built cement plant at Salamanga, Bela Vista in Maputo Province.

Construction of the 5000t/day plant started in 2012 and it has been ‘substantially’ completed, according in a financial filing by Compact Metal Industries. The unit is owned by CIF-MOZ, a joint venture owned by SPI (54%) and Guhava (45%).

Compact Metal Industries intends to buy 34% from SPI and 17% from Guhava. As part of the deal it will settle any existing debts to suppliers and then complete the plant. Completion of the plant is expected to take around eight months.

Source: Global Cement

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