PHILLIMON MHLANGA
Resources firm, Fossil Mines, has entered into a binding agreement with the Holcim Group to take over Zimbabwe’s leading cement maker, Lafarge Zimbabwe, Business Times can report.
The Swiss-headquartered Holcim Group, through its subsidiary Associated International Cement, is the largest shareholder in Lafarge Zimbabwe, with 76.45% shareholding.
Business Times first reported two weeks ago that a local business tycoon was among the 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.
Now, Business Times can report that Fossil, owned by Obey Chimuka, an associate of business tycoon Kuda Tagwirei, will take over Lafarge Zimbabwe.
The latest development was confirmed by Lafarge Zimbabwe’s acting company secretary, Anold Chikazhe on Monday.
“…Shareholders and members of the investing public are advised that Associated International Cement Limited, a member of the Holcim Group, has entered into a binding agreement for the sale of its 76.45% stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (Pvt) Limited. 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,” Chikazhe said.
Other significant shareholders in Lafarge include the Farlow Trust (2.59%), Turner Roy (2.54%), the Sasko Trust (2.10%), the Standard Chartered nominees (1.97%) NSSA (1.80%) and Stanbic nominees (1.02%).
