Lafarge Zimbabwe majority stake sale to Fossil Mines concluded 

06 Dec, 2022 - 11:12 0 Views
Lafarge Zimbabwe majority stake sale to Fossil Mines concluded  Lafarge

The Sunday News

Judith Phiri, Business Reporter 

CONSORTIUM of entrepreneurs, Fossil Mines is now the majority shareholder in Lafarge Cement Zimbabwe after completing the purchase of a 76.45 percent stake held in by Lafarge Holcim’s subsidiary Associated International Cement.

In a statement, Lafarge Cement Zimbabwe’s acting company secretary, Mr Arnold Chikazhe said the sale had been concluded.

“Further to the cautionary announcement dated 1 December 2022, shareholders and members of the investing public are advised that Associated International Cement Limited has concluded the sale of its 76.45 percent stake in the company to Fossil Mines (Private) Limited who is resultantly now the controlling shareholder in the Company,” he said.

In June, Fossil was among five bidders vying to snap up Lafarge Zimbabwe. Other pre-qualified bidders who tabled takeover offers were three Chinese firms, including cement giant, Huaxin Cement, and one African billionaire.

The divestment by the subsidiary of Switzerland-based Holcim Limited was first announced in June 2022. No amount for the transaction has been disclosed publicly.

The sale comes as Holcim Limited continues to sell-off assets globally. Last year, it sold part of its Ghana business and disposed of its Brazil unit for US$1 billion.

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