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By Alois Vinga | NewZimbabwe.com Published: December 26, 2022 7:25 PM
THE Zimbabwe Stock Exchange (ZSE) says it has halted the trading of Lafarge Cement Zimbabwe Limited (LACZ) shares over undisclosed reasons emanating from the latter’s recent execution of a sale and purchase agreement.
One of Zimbabwe’s biggest cement and related products manufacturers recently finalised the agreement to sell 76,45% owned by International Cement Limited to local firm, Fossil Mines Private Limited. Market data indicates that a total of 61 158 400 LACZ shares changed hands at $312,65 per share in a negotiated trade conducted at the ZSE.
The deal’s total worth is about US$29,2 million when indexed against the official exchange rate.
But in an update this week, ZSE chief executive officer (CEO), Justin Bgoni moved to halt the LACZ shares trading over unspecified reasons.
“Members of the public are hereby advised that the ZSE has instituted a unilateral Securities Halt in the trading of shares in Lafarge Cement Zimbabwe Limited with effect from 23 December 2022 until further notice,” he said.
Bgoni said following the execution of a Sale and Purchase Agreement between Associated International Cement Limited and Fossil Mines (Private) Limited for a 76,45% shareholding in Lafarge, there have been material developments in the sphere of activity of Lafarge.
He said the full impact of these developments are still being assessed and Lafarge will issue a detailed announcement to that effect.
“In the interim, the ZSE will proceed to halt trading in the shares of Lafarge until issuance of a full announcement by Lafarge Cement Zimbabwe Limited. Investors will not be able to buy or sell Lafarge shares during the period the Securities Halt is in effect,” said Bgoni.
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