Scancem International's acquisition of Tanga Cement approved by Tanzanian government

The Tanzanian government has approved the acquisition of a majority stake in Tanga Cement by Scancem International DA, a subsidiary of Heidelberg Materials, for $400 million investment. The deal was re-approved in February 2023 after an initial rejection.

“The 942bn/- investment capital will enable the factory to increase production capacity enough to facilitate the supply of cement in the East African Community (EAC) bloc and the African Continental Free Trade Area (AfCFTA) in general.”dailynews.co.tz

• 2 sources
• dailynews.co.tz‘We’re not frustrating investors’ - Daily NewsMariam SaidMay 10, 2023
• globalcement.comTanzanian government explains approval of acquisition of Tanga Cement by Heidelberg Materials - Cement Sector News - Global CementGlobal Cement staffMay 10, 2023

Summarized from public sources; check the original articles before acting on it.