- The Company said the delay is beyond its capacity
- Results were due on or before 31 March 2023
- The Company has been involved in a busload of headwinds, the latest being placement of its owner on sanctions by USA Treasury
Harare-ZSE-listed outfit, Lafarge Cement Zimbabwe, trading as Khayah Cement will delay the publication of the full-year results for the 12 months ended 31 December 2022 to give external auditors more time.
The results which were due to be published on or before 31 March 2023 are expected to be out on or before 28 April 2023 following the granting of an extension of time to the Company by the Zimbabwe Stock Exchange.
In terms of section 39 (1), of the Securities and Exchange, ZSE-listed companies are required to publish audited financial statements not more than three months after the end of respective financial years.
“The delay is due to circumstances beyond our control which have resulted in delay of the conclusion of the 2022 external audit,” the Group said in a circular.
Lafarge has been involved in a busload of calamities, from the damage of its milling plant in October 2021 which impacted the Q12022 performance to the latest sanctions placed on its owners, tycoon Kudakwashe Tagwirei and Obey Chimuka by the United States of America.
Tagwirei’s Fossil Contracting company run by Obey Chimuka completed the takeover of Lafarge Cement (now Khayah Cement), in a deal that reportedly involved over 61 million shares at a negotiated price of US$29.7 million giving it 76.45% shareholding stake in December 2022.
The deal however, was sealed under controversial circumstances that allegedly involved disregard of the Competitive and Tariffs Commission regulations.
Resultantly, the US imposed sanctioned the Fossil Group and owners for unfair business conducts.
Soon after the sanctioning, Lafarge halted its shares on ZSE and ran in the red for a couple of weeks.
All these, have impacted the conclusion of the Company’s full year results and it is likely that the Company will publish depressed both production and financial performance.
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