The Sunday News
Rutendo Nyeve, Sunday News Reporter
CEMENT manufacturing company Lafarge Cement Zimbabwe has notified investors that they will not be able to buy or sell shares for three months as the company finalises the execution of a sale and purchase agreement that it recently engaged in.
The sale and purchase agreement was between Associated International Cement Limited and Fossil Mines for a 76.45 percent shareholding in Large.
The Zimbabwe Stock Exchange Chief Executive officer Mr Justin Bgoni notified of the suspension in a statement this Thursday.
“The Zimbabwe Stock Exchange Limited hereby notifies the investing public of the voluntary suspension from trading in shares of Lafarge Cement Zimbabwe Limited with effect from 13 January 2023.
The suspension is for a period of three months to allow Lafarge to attend to material developments within its operations post the execution of a sale and purchase agreement between Associated International Cement Limited and Fossil Mines (Private) Limited for a 76.45 percent shareholding in Lafarge,” said Mr Bgoni.
He said the ZSE at Lafarge’s request granted permission to suspend trading in its shares by the Securities and Exchange Commission of Zimbabwe.
“In terms of Section 9 of the ZSE Listings Requirements, the Company should continue to discharge its obligations to the Shareholders and the Zimbabwe Stock Exchange during the suspension.
The ZSE has requested Lafarge to provide a roadmap on how they aim to resolve the challenges they currently face. Lafarge Cement Zimbabwe Limited will issue a public notice addressing this point in due course. Investors will not be able to buy or sell Lafarge shares during the suspension period,” said Mr Bgoni.
In November, Simbisa Brands also suspended its its share trade from the ZSE following its intention to re-list on the Victoria Falls Exchange.
@nyeve14
