On 31 May 2022, Larfage Cement Zimbabwe, the country’s largest cement maker, issued a cautionary statement informing shareholders and other stakeholders that Associated international Cement Limited, a member of the Holcim Group, a well-known cement company across the world, would be selling its shares in Larfage Zimbabwe. It seems the sale has gone through and now Larfage Zimbabwe is now owned by Fossil Mines.
Below is a statement from Larfage on the sale:
FURTHER CAUTIONARY STATEMENT
6 June 2022
Futher 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 entered into a binding agreement for the sale of its 76.45% stake in Larfage 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 announcment is made.
By Order of the Board
This means that the deal is as good as done. A binding agreement means there is little chance that the sale will not go through.