Huaxin Cement Co., Ltd. (SHSE:600801) signed an equity transfer agreement to acquire 75% stake in Lafarge Zambia Plc (LUSE : LAFARGE) and Lafarge Cement Malawi Ltd. from Financiere Lafarge SA and Pan African Cement for $160 million on June 10, 2021. As per terms of transaction, Consideration will be in cash. Huaxin Cement Co., Ltd. will acquire 24.9% stake and 50.1% stake (75% in total) equity in Lafarge Zambia Plc as held respectively by Financi?re Lafarge SAS and Pan African Cement and 100% of Lafarge Cement Malawi Ltd from Pan African Cement. As of December 31, 2020, Lafarge Zambia Plc reported total assets of $109 million, net assets of CNY $77.4 million, operating income of $80.0 million and net profit of $17.1 million and Lafarge Cement Malawi Ltd reported total assets of $30.1 million, net assets of $18.8 million, operating income of $22.2 million and net profit of -$0.06 million. Transaction is approved by the Zambia Competition and Consumer Protection Commission, Ministry of Mining of Zambia, domestic regulatory agency (Hainan Provincial Development and Reform Commission, Hainan Provincial Department of Commerce, Hainan Branch of the State Administration of Foreign Exchange), Zambia Securities and Exchange Commission and Board of Huaxin Cement Co., Ltd. Huaxin Cement Co., Ltd. (SHSE:600801) completed the acquisition of 75% stake in Lafarge Zambia Plc (LUSE : LAFARGE) and Lafarge Cement Malawi Ltd. from Financiere Lafarge SA and Pan African Cement on December 1, 2021. The deal was closed following approvals from Chinese and Zambian authorities.