Mauritian civic major Gamma to acquire 51% direct & indirect stake in Holcim Mauritius
Mauritius-based conglomerate Gamma-Civic – which currently owns 49% of Holcim Mauritius– has now entered a Share Purchase Agreement with Holcim SAS for the acquisition of 51% direct and indirect stake in Holcim (Mauritius) Ltd.
Following the announcement of the worldwide LafargeHolcim merger, the board of directors of Gamma-Civic Ltd, which is already one of the main shareholders in Holcim Mauritius at 49% stake, has now entered into a share purchase agreement with Holcim (Outre-Mer) SAS for the acquisition of51% direct and indirect stake in Holcim (Mauritius) Ltd.
This transaction is however subject to the fulfilment of all conditions precedent, including the approval of the Competition Commission of Mauritius (CCM).
The proposed acquisition may be a substantial transaction for the Company under Chapter 1 3 of the Listing Rules, and accordingly a substantial transaction circular, which is subject to the approval of the Stock Exchange of Mauritius (SEM), will be made available.
Holcim (Mauritius) Ltd will soon change its name to Kolos Cement Ltd, and upon completion of the acquisition, shareholder Gamma will set up a new Board to manage the company, which shall be composed of Directors having the required expertise and experience in the cement industry. This transaction marks a significant milestone for Gamma- Civic Ltd.
Gamma has requested the public to note, vide its communique issued on the SEM, that Kolos Cement Ltd shall remain an active and important cement player on the Mauritian cement market and shall continue to supply the market with quality and innovative cement products.