Afrimat Limited (JSE:AFT) entered into a share purchase agreement to acquire Lafarge South Africa (Pty) Ltd. from Caricement BV for approximately ZAR 1 billion on June 19, 2023. Afrimat also agreed to repay Lafarge loan owning to Caricement equating ZAR 900 million. The transaction is subject to competition authorities, the minister of mineral resources and energy of South Africa, the financial surveillance department of the South African Reserve Bank.

For the period ended December 31, 2022, Lafarge reported Net assets of ZAR 1.4 billion. As of October 26, 2023, the transaction has been approved by the Exchange Control Regulations of the South African Reserve Bank. As of January 22, 2023, The only remaining condition precedent is the approval of the Competition Authorities in South Africa.

The Acquisition will become unconditional and be implemented once the Competition Tribunal approval has been obtained. As of April 10, 2024, the Competition Tribunal approved the implementation of the acquisition and confirm that the remaining condition precedent has been fulfilled. Shareholders are accordingly advised that the Share Purchase Agreement has become unconditional on 10 April 2024, and the Acquisition will be closed by no later than April 24, 2024.