Zim’s cement giant sells off business

Charity Chikara, Sunday News Reporter

ZIMBABWE’S largest cement making group, Lafarge has announced that it is selling 76.45 percent of its business to Fossil Mines private limited and urged members of the investing public to be cautious in dealing with the company’s securities.

The cement giant revealed this in a statement on Monday saying it was disposing off its stake.

“Members of the investing public are advice that Associated International Cement limited, a member of the Holcim group, has entered into a bidding agreement for the sale of its 76.45 percent stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (Private) limited,” reads the statement.

The company noted that if the transaction is to be successfully concluded, that may have a material effect on the company’s securities and urged investors to trade with caution.

Lafarge serves in most provinces across the country with a current installed capacity to produce 450 kilotonnes of cement annually. Through its operations, Lafarge employs about 800 people directly and creates thousands of upstream and downstream employments in its value chain.