Case settled

Cimpor has sold its 49% stake in Angola’s largest cement producer, Nova Cimangola, to the Angolan Government for US$ 74 million. As a result of the sale, the Government has dropped a court case against Cimpor and two other companies, which it alleged the unauthorised transfer of the company was illegal.

The 49% stake in Nova Cimangola was originally held by Scancem, a subsidiary of Swedish contractor Skanska, which was sold to Germen cement producer Heidelberg Cement in 1999. In October 2004 the ownership of Nova Cimangola was transferred to a company called Scanang, which was jointly owned by Switzerland’s Holcim and Heidelberg Cement. A month later this company was sold to Cimpor, giving the Portuguese producer ownership of the 49% shareholding.