Limak Cement Group, a Turkey based Cement Company has issued an acquisition request of cement operations and supply in Africa. The company has expressed its interest in some of the African countries such as Mozambique and Ivory Coast.
The company has already signed a confidential agreement for the US$1bn worth investment regarding the procurement of cement from the international cement company. according to the cement company Executives, the approval could take a couple of months probably 5-6 months time.
According to Gultekin Aksuyek, the group General Coordinator, confirmed the company’s presence and operations in more than one country in Africa presently and is still looking forward to sell its facilities in three African countries.
He further clarified their decision to invest in Africa as Africa has lots of good business opportunities, and lamented on their delayed decision to penetrating into the African market as he further revealed that the acquisition will however, receive a bank financial support, though he did not mention which bank will offer the support.
The cement group also has other expansion plans as studies are underway for possible acquisition in one of the Latin America countries and it has been noted that, this particular acquisition could possibly take up to 5 years before it’s approved.
Currently, Limak Cement Group has 10 cement factory plants in Turkey and intends to construct cement grinding and packaging facilities in Mozambique and Ivory Coast.
As part of the broader expansion plans by the group the facilities are expected to commence operation between 2016 and 2017.
As the group finds its way to Africa, the group’s energy is focusing on Mozambique plans while the construction arm is optimistic in considering Ivory Coast.
The cement group is also expecting its sales volume to rise to 4% this year, an equivalent of 8.8 million tonnes.