National Cement Company Limited acquired 51% stake in Cimerwa Ltd. from PPC Ltd (JSE:PPC) for $42.5 million on November 17, 2023. The remaining 49% is held by minority shareholders, and this 49% is listed on the Rwanda
Stock Exchange. CIMERWA had a net asset value of $0.973 million as at 31 March 2023, being the date of the Company's last financial year-end, and recorded a net profit after tax of $0.192 million for the year ended 31 March 2023.The implementation of the Disposal will be subject to the fulfilment and / or waiver of, inter alia, the following conditions precedent, by no later than 29 February 2024 notification by the parties of the Disposal to the Common Market for Eastern and Southern Africa; CIMERWA has received tax clearance from the Rwanda Revenue Authority; approval of the change of control arising out of the Disposal has been obtained from CIMERWA's bankers; an a non-objection confirmation has been received from the Rwanda Stock Exchange to conduct the Disposal as an off-market sale/transfer. Cliffe Dekker Hofmeyr Inc. acted as legal advisor to PPC Ltd (JSE:PPC). Standard Chartered Bank acted as Corporate Advisor to PPC Ltd (JSE:PPC) in the transaction.

National Cement Company Limited completed the acquisition of 51% stake in Cimerwa Ltd. from PPC Ltd (JSE:PPC) on November 17, 2023.