PPC Successfully Concludes Disposal Of Its 51% Interest In Cimerwa (Rwanda)
PPC Successfully Concludes Disposal Of Its 51% Interest In Cimerwa (Rwanda). PPC has announced that the company’s wholly-owned subsidiary, PPC International Holdings Proprietary Limited, has successfully concluded the disposal of its entire shareholding in CIMERWA PLC (“CIMERWA”) to National Cement Holding Limited for a cash consideration of US$42.5 million.
Cimerwa is the only cement company in Rwanda that mines raw materials, produces the clinker concentrate, packs and sells cement for general and civil construction. Some of its products are exported to neighboring countries such as DRC and Burundi.
CIMERWA is fully focused on the journey of Strengthening Rwanda in a pursuit to lay strong foundations for future generations. The company’s vision is to be the leading producer and supplier of quality cement and related products as well as solutions in the GREAT LAKES REGION while maximizing stakeholder value.
National Cement is part of the Devki Group of companies, a conglomerate boasting a diverse portfolio in cement, steel, roofing materials, fertilizers, and packaging materials. As a significant player in the cement industry within the East African Region, the Group operates an integrated cement plant, a clinker plant, and multiple grinding plants in Kenya. Additionally, it operates a cement grinding plant in Eastern Uganda. The acquisition of CIMERWA aligns seamlessly with the Devki Group’s strategy of expanding its footprint, furthering its commitment to infrastructure development of the region.
PPC CEO, Matias Cardarelli, said “I am pleased with the timely completion of the sale of our stake in CIMERWA. CIMERWA is now part of a regional group that is better placed to support its growth. The Disposal allows us to focus on our core southern African markets where we see opportunities to drive improved profitability and secure a more sustainable return on capital.”
PPC Ltd, a supplier of cement, lime and related products in Southern Africa. It has 11 cement factories and a lime manufacturing facility in six African countries including South Africa, Botswana, Democratic Republic of the Congo, Ethiopia, Rwanda and Zimbabwe. The company is headquartered in Sandton.
