Swiss cement-maker Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa PLC, at an equity value of USD 1 billion on a 100% basis.

The transaction is expected to close in 2025, subject to customary and regulatory approvals.

Last year, Holcim sold its subsidiaries in Uganda to local conglomerate Sarrai Group for $120m and its Tanzania holdings to Amsons Group for an undisclosed amount.

Holcim has also announced the 100% spin-off of its North American business, which will have a separate listing on the New York stock exchange.

The new company will be classed as a “domestic issuer” under Securities and Exchange Commission rules; an additional listing will be made on the SIX Swiss exchange for the benefit o European investors.

The planned spin-off is subject to shareholder approval at the Holcim Annual General Meeting on 14 May 2025, and is expected to occur by the end of the first half 2025. Completion of the planned spin-off is subject to customary approvals.