As part of its global divestment strategy, the Holcim Group, through its subsidiary Associated International Cement, is selling its 76,45% stake in Lafarge Zimbabwe to Fossil Mining. The Lafarge Zimbabwe deal follows similar recent divestments in ACC Ltd and Ambuja Cements in India.
In a statement dated 6 June 2022, Lafarge Zimbabwe said: “Further to the cautionary announcement dated 31 May 2022, 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 (Private) 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,” the company said.
Fossil Mining, part of the Fossil Group, owned by Zimbabwean businessman Obey Chimuka, beat competition from Chinese bidder, Huaxin Cement. Having already bought 75% of Lafarge Zambia for US$150-million and concluded a US$10-million deal to acquire Pan African Cement from Lafarge Malawi late last year, the Chinese investor was tipped to win the race to acquire Lafarge Zimbabwe.