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West China Cement Ltd. is seeking to acquire AfriSam South Africa (Pty) Ltd., a leading supplier of construction materials and technical solutions, led by South African businessman Eric Diack. This reflects Chinese cement makers' growing interest in Africa as domestic construction slows.
Chinese Cement firms expand across Africa
Chinese companies have increasingly turned to African markets. Last year, Huaxin Cement Co. acquired a controlling stake in Lafarge Africa Plc from Holcim AG for about $1 billion, reflecting rising demand for building materials on the continent.
South Africa remains a focal point for investment, particularly as President Cyril Ramaphosa pushes to accelerate infrastructure spending, which could expand demand for cement, aggregates, and related construction products. AfriSam’s ownership includes some of South Africa’s largest financial institutions.
Public Investment Corp., Africa’s largest asset manager, along with Nedbank, Standard Bank, FirstRand and Absa, holds significant stakes. Sources familiar with the matter said some investors have considered cutting their stake, making a sale to a strategic buyer plausible.
AfriSam leads Southern Africa construction supply
Founded in 1934 as Anglo Alpha Cement, AfriSam supplies cement, aggregates and ready-mix concrete across Southern Africa. Now a black-led company, it operates in South Africa, Lesotho, Botswana and Tanzania, providing materials for housing, transport and industrial projects.
Recently, the company supplied specialized concrete for a 43-meter water tower near Johannesburg, built to meet seismic standards for the Goudrand development. AfriSam has also participated in local initiatives in the Northern Cape, partnering with communities for development projects tied to Mandela Day.
The company has recently supplied specialized concrete for a 43-meter water tower near Johannesburg, designed to meet seismic standards and support the planned Goudrand development. AfriSam has also taken part in community initiatives in the Northern Cape, working with partners to support local development tied to Mandela Day activities.
Diack’s decades of South African industry leadership
Eric Diack joined AfriSam as executive chairman in May 2020. With decades of experience across South Africa’s construction, industrial, and mining sectors, he has overseen major corporate transactions and guided the company through key growth initiatives.
Diack previously led Aveng as executive chairman and served on boards including AECI, ArcelorMittal South Africa, and Tongaat Hulett, building extensive connections across the country’s industrial economy. His leadership has strengthened AfriSam’s position as a key supplier for Southern Africa’s construction market.
