Lafarge Holcim sells Malaysia operations
Lafarge Holcim said it was selling its operations in Malaysia to YTL Cement Berhad for $396 million, the latest divestment by the world’s largest cement maker as it retreats from fringe markets.
LafargeHolcim, which last year sold its Indonesian operations in a $1.75 billion deal, said on Thursday it was selling all its 51 percent holding in its Malaysia business which included three integrated cement and two grinding plants.
It also agreed to sell its entire 91 percent holding in Holcim Singapore Ltd, a business which had an enterprise value of 68 million Swiss francs ($66.85 million), to YTL Cement Singapore PTE Ltd.
LafargeHolcim said it wanted to sell assets worth at least 2 billion Swiss francs by quitting non core markets and focussing on areas like North America and Europe.