Votorantim Cimentos has signed an agreement for the total sale of its assets located in Tunisia to Sinoma Cement Co., Ltd, a Chinese construction materials company, the company announced.
Completion of this transaction, including the effective transfer of operations in the country and the financial settlement, is subject to customary conditions precedent, according to the worldcement website.
These conditions include approval by regulatory authorities in China, Tunisia and the Common Market for Eastern and Southern Africa (COMESA).
The commercial terms of the transaction are confidential and will not be disclosed.
The decision to divest from Tunisia is in line with Votorantim Cimentos’ strategy, which seeks to maximize value for its shareholders and balance geographic positioning between mature and emerging markets, optimizing risk management of the company’s consolidated portfolio.
During the transaction analysis process, all Votorantim Cimentos factories and offices in Tunisia will continue to operate normally, it was indicated.
