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LafargeHolcim closes sale of Malaysian subsidiary

Switzerland-based LafargeHolcim Ltd. on May 17 closed the sale of its 51% stake in Malaysian subsidiary Lafarge Malaysia Bhd. to YTL Cement Bhd. in a deal with an enterprise value of CHF982 million.

The deal, which was first announced May 2, will reduce the Swiss construction materials manufacturer's net financial debt by nearly CHF600 million, the company said.

The company added that the transaction, combined with previously announced divestments in Indonesia, Singapore and the Philippines, will lead to a deleveraging of 0.6x net-debt-to-recurring-EBITDA ratio.