OBEY Chimuka’s Fossil Mining has taken over control of Lafarge Cement after successfully buying the 76.45% stake which had been put up for sale by Swiss headquartered Holcim Group.
The sale will be concluded by transfer of shares from Holcim’s Associated International Cement Limited to Fossil Mines according to a statement by Lafarge acting Company Secretary Arnold Chizhake.
“Further to the cautionary announcement dated 18 October 2022, shareholders and members of the investing public are advised that the sale and purchase agreement for the sale of 76.45% stake in the company has been finalised,” said Chizhake.
“The sale is thus soon to be concluded upon the transfer of the company shares owned by Associated International Cement Limited to Fossil Mines (Private) Limited stake in exchange for the consideration agreed by the parties.
“The transaction, if successfully concluded, may have a material effect on the company’s securities. Accordingly, shareholders and members of the investing public are advised to exercise caution when dealing in the company’s securities until a full announcement is made.”
Fossil beat favourites Huaxin of China for the 76.45% stake even after the Chinese firm had successfully taken over Lafarge’s Malawi and Zambia units.
Five companies had shown interest in the shares, with reports Africa’s richest man and cement producer Aliko Dangote had considered the operation.
Dangote owns Dangote Cement.
Lafarge Holcim has over the past year disposed of its assets in the region, Ghana and Brazil. – (New Zimbabwe)