Compact Metal Industries to acquire partially completed cement plant in Africa for $41 mil

SINGAPORE (June 21): Compact Metal Industries is seeking to acquire a 51% interest in a partially completed cement plant in Salamanga, Bela Vista, Maputo Province, Mozambique for US$30 million ($40.8 million), subject to shareholder approval at the EGM. 

The plant, when completed, will have a production capacity of 5,000 tonnes per day upon operation.

In a Thursday filing, Compact Metal says construction of the plant commenced in 2012 and has been substantially completed, but has now been held in abeyance due to lack of funds.

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