São Paulo – Brazilian cement maker Votorantim Cimentos announced on Monday (31) through a statement that it has completed the sale of all its assets in Tunisia to the Chinese company Sinoma Cement Co., Ltd. The announcement of the sale was made in July 2024, but at the time, the company said approval from regulatory authorities in both China and Tunisia was yet to be obtained.
The company now reports that all “customary conditions precedent” have been met, including approvals from China, Tunisia, and the Common Market for Eastern and Southern Africa (COMESA). As a result, the transfer of assets and financial settlement have also been completed.
In the same statement, the company says the decision to “divest” in the Arab country aligns with its strategy to “balance geographic positioning between mature and emerging markets.” Also, last year, the company announced the sale of its subsidiary in Morocco to a German company with the same goal of operating in both mature and emerging markets.
Read more:
Brazil’s Votorantim Cimentos sells Moroccan assets
Translated by Guilherme Miranda
