West China Cement Limited entered into share purchase agreement to acquire an unknown stake in National Cement Share Company from East African Mining Corporation PLC for $17 million.
West China Cement Limited (SEHK:2233) entered into share purchase agreement to acquire an unknown stake in National Cement Share Company from East African Mining Corporation PLC for $17 million on March 3, 2021. The transaction includes acquisition of 41,661 ordinary shares of 1,000 Birr each in the share capital of National Cement Share Company. In a related transaction, the share purchase agreement dated 16 July 2021 entered between Schulze Global Ethiopia Growth and Transformation Fund I L.P., West International and Schulze Global EGTF Cement Ltd. in relation to the sale and purchase of the EGTF Sale Shares, the share purchase agreement dated 16 July 2021 entered into between SGI Africa Cement Partners, L.P., Schulze Global Ethiopia Growth and Transformation Fund I L.P., West International and SGI Ethiopia Cement Ltd. in relation to the sale and purchase of the SGI Sale Shares and the subscription agreement dated 7 September 2021 entered into between East Africa Mining Corporation PLC, East Africa Group (Ethiopia) PLC, Ato Buzuayehu Tadele, WINBM, West International and NCSC for the subscription of new shares of NCSC. Post completion, West China Cement Limited would result in the direct and indirect interests of 61.9% in aggregate in National Cement Share Company. The transaction is subject to regulatory and antitrust approval. For the year ending June 30, 2020, National Cement Share Company reported revenues of $52.8 million, net income of $5.4 million and as of June 30, 2021, National Cement Share. Company had net assets of $20.5 million. As of October 18, 2021, West China Cement Limited (SEHK:2233) completed the acquisition of 23.99% stake in National Cement Share Company from East African Mining Corporation PLC. Pursuant to the Share
Subscription Agreement, the Group will be entitled to subscribe for further shares in NCSC in tranches, leading to the Group to ultimately acquiring a 61.9% shareholding interest in NCSC. Upon acquiring a controlling interest in NCSC, which is currently expected to take place by early 2022. As of July 27, 2022, East African Mining Corporation PLC, West International, NCSC and WINBM entered into a deed of novation and variation (the Deed of Novation and Variation''), pursuant to which (i) the parties have agreed to amend the longstop date for the closing of the sale and purchase of the NCSC Sale Shares from September 30, 2021 to July 31, 2022.
West China Cement Ltd is a company principally engaged in the manufacture and sales of cement and cement products. Along with its subsidiaries, The Company's cement is sold under the trademarks Yao Bai and Yaobaishuini. The Company's cement products are used in a variety of infrastructure projects including highways, railways, bridges, hydroelectric power stations, water conservancy and water transfer projects. The Company mainly conducts its businesses in the domestic market and overseas markets.
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West China Cement Limited entered into share purchase agreement to acquire an unknown stake in National Cement Share Company from East African Mining Corporation PLC for $17 million.