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| Holcim to sell its majority stake in Holcim South Africa Swiss cement giant Holcim has signed a conditional agreement to sell 85 percent of its stake in Holcim South Africa to a Black Economic Empowerment ("BEE") Consortium based on an enterprise value of ZAR 15.5 billion. Goals of BEE are to bring about a significant increase in the ownership, management and control of the economy by South Africans from historically disadvantaged communities. Holcim would maintain a 15 percent share in the newly founded AfriSam, which would hold a 54 percent stake in Holcim South Africa. Holcim would continue to provide technical assistance. AfriSam Consortium's shareholders will include all employees of Holcim South Africa as well as a number of charities and broad-based groups, and will be led by new entrant BEE group Bunker Hills Investments. Holcim expects to be able to conclude the transaction in 2007, at which time the South African Group company would be deconsolidated from Holcim. Until that time Holcim will continue to have control of Holcim South Africa. write your comments about the article :: © 2006 Construction News :: home page |