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InterCement plans IPO for European and African assets

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Reuters has reported that Brazil’s InterCement is planning an initial public offering of its European and African operations next year. Citing unnamed sources, Reuters said the assets are expected to be valued at €1.5 billion.

InterCement operates four cement plants in Portugal, five in Mozambique, three in South Africa, and one in Egypt. The company is currently working on a new corporate structure for these operations that would group them into one business unit. It would sell up to a 49% stake in that unit, Reuters said.

InterCement has global installed capacity of 47.8 million t. Its Portuguese operations have capacity of 9.1 million tpy, while its African operations have a combined capacity of 10.5 million. The assets were acquired by InterCement with its 2012 purchase of Cimpor.

The company’s sales of cement and clinker were 24.1 million t in 2017.

The company has already raised US$954 million in listing of its Argentinian unit, Loma Negra Cia Industrial Agentina. Meanwhile, since 2015 Carmargo Correa has sold its stake in power holding company, CPFL Energia SA, and shoemaker, Alpargatas SA.

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Cement news 2018