Cimenfort’s potential exit from the consortium could leave the partnership without crucial know-how, as it is the company with cement production experience. The uncertainty jeopardizes payment of the first installment to IGAPE.
The continuity of Cimenfort in the winning consortium for the privatization of CIF Cement and CF Logística is at stake due to financial difficulties affecting payment of the first tranche to the State Assets and Holdings Management Institute (IGAPE). Sources from the consortium told Expansão that a decision is expected later this week.
The consortium includes Griner, Mercons, and Cimenfort, with the latter possessing cement production expertise through two operational factories, one in Lobito (Benguela) and another in Cabinda. A potential exit by Cimenfort would deprive the partnership of technical know-how. The companies were announced as winners in May 2025, and IGAPE formalized the contract in July.
The first installment, amounting to 25 billion Kz (23.8 billion Kz for the cement plant and 3.2 billion Kz for CF Logística), was due in September 2025, within 45 days of signing the agreement, but has not yet been paid. Initially, non-payment was due to the consortium not establishing a Special Purpose Vehicle (SPV), the legal entity created to execute the contract or investment. This issue was resolved last month with the creation of Zentu, which is now handling debt regularization with IGAPE, estimated at 90 billion Kz.
Currently, the main obstacle is Cimenfort’s financial incapacity to fulfill its share in the consortium. A potential exit could involve bringing in a new partner or redistributing shares among the remaining companies. “Nothing is finalized; we are seriously negotiating Cimenfort’s position, as it faces financial difficulties, but a solution will be presented soon,” a consortium source said.
Meanwhile, the debt associated with the most valuable privatized asset continues to grow, reaching 107 billion Kz in PROPRIV arrears. Other companies also carry debts linked to privatized assets, notably IEP – Investimentos e Participações, which acquired Tex Tang II and Fazenda de Quizenga in 2020, with arrears exceeding 8 billion Kz. Without the overall 107 billion Kz in default, the state would have collected approximately 472 billion Kz of the 879.3 billion Kz in privatized assets.
Expansão excludes asset-swap operations, such as the transfer of a 31.78% stake in Puma Energy to Trafigura in exchange for Pumangol, which involved no cash inflow. Therefore, the state’s effective financial intake stands at 361.4 billion Kz.
The CIF Cement plant, an asset formerly linked to China International Fund Limited, was returned to the state in 2020 as part of asset recovery involving generals Dino and Kopelipa.
With an installed capacity of 5,000 tons of cement per day, the plant was awarded to the consortium at a price 160% above the reference value, set at 68.4 billion Kz.
Source: Expansão
