Fossil Mines is a consortium of entrepreneurs led by Obey Chimuka. The conglomerate has concluded its Lafarge takeover after completing the purchase of a 76.45% stake held by Lafarge Holcim's subsidiary Associated International Cement with only the transfer of shares to Fossil Mines left to put a seal on the transaction.

In a public notice released on Friday, Lafarge Cement’s acting company secretary Arnold Chikazhe stated, "The company wishes to advise shareholders and members of investing public on the withdrawal of cautionary announcement dated 18 November 2022 as the sale and purchase agreement for the sale of 76,45 percent stake in the company has been finalised”.

He added: “The transaction if successfully concluded, may have a material effect on the company's securities.

Lafarge, which offers a range of cement and allied products suitable for various construction needs is on the precipice of concluding a deal that would place the cement producer in the hands of local entrepreneurs. With close to six decades of operations in the country, Lafarge boasts a current installed capacity to produce 450kt of cement annually.

Lafarge said the sale will be concluded soon upon the transfer of its shares by Associated International Cement Pvt Ltd in exchange for a consideration agreed upon by both parties.

In June, Fossil Mines was among the five invited businesses for the acquisition through an auction system. Fossil won the bid following the Switzerland headquartered multinational utility company’s announcement on the sale of its stake earlier this year.

The other bidders who were unsuccessful, comprised three Chinese firms, including cement giant, Huaxin Cement, and an African billionaire.

 Equity Axis News