Gide, counsel to HeidelbergCement on the sale of its subsidiary Sierra Leone Cement Corp Ltd (Leocem)
9 December 2021
Deals | Africa | Corporate/M&A
Gide has advised HeidelbergCement on signing an agreement regarding the sale of its subsidiary Sierra Leone Cement Corp Ltd (Leocem) to group Diamond Cement.
Leocem operates a cement grinding plant with two grinding units in Freetown, with a capacity of approx. 500,000 tonnes per year. HeidelbergCement holds 50% of the shares in the company and has full management responsibility.
The divestment is part of HeidelbergCement's ongoing portfolio optimisation and margin improvement programme within its 'Beyond 2020' strategy. In West Africa, HeidelbergCement has declared that it will continue to focus on its core markets in Ghana, Liberia, Togo, Burkina Faso, Benin, and Gambia.
Gide's team comprised partner Julien David, working with associate LorraineDe Groote.