Zimbabwe Stock Exchange-Listed cement maker, Lafarge Cement Zimbabwe is set to change its trading name to Khayah Cement as part of on-going restructuring at the company.
This follows the exit of Associated International Cement Limited which disposed 76.45 percent shareholding to Fossil Mines Limited.
In a statement on Friday, the acting company secretary, Mr Arnold Chikazhe said the company will now be trading as Khayah Cement pending finalisation.
“The Board of Directors of Lafarge Cement Zimbabwe Limited would like to inform shareholders and valued stakeholders that following the exit of Associated International Cement Limited from the business, the Company will now be trading as (t/a) Khayah Cement pending finalization of the registration of the trade name by the Registrar of Companies.”
He said the company was reconstituting the composition of the Board of Directors as well as the necessary Board Committees.
“In this latter regard, the announcement of the relevant appointments will be made shortly. The public is advised that these processes will have no material effect on either the quality or availability of any of the company’s range of products as well as its overall operations,” read part of the statement.
Meanwhile the company has been granted permission to suspend its sharers from trading on the exchange to allow the company to attend to material development within its operations post the execution of a sale and purchase agreement.
At Lafarge’s request, the ZSE sought and was granted permission to suspend trading in its shares by the Securities and Exchange Commission of Zimbabwe (SECZ) pursuant to the provisions of Section 64(a) (ii) of the Securities and Exchange Act [Cap 24:25].
In terms of Section 9 of the ZSE Listings Requirements, the company should continue to discharge its obligations to the Shareholders and the Zimbabwe Stock Exchange during the suspension.
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the voluntary suspension from trading in shares of Lafarge Cement Zimbabwe Limited (“Lafarge”) with effect from 13 January 2023,” said ZSE.
“The suspension is for a period of 3 months to allow Lafarge to attend to material developments within its operations post 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.”
The ZSE has requested Lafarge to provide a roadmap on how they aim to resolve the challenges they currently face.
Investors will not be able to buy or sell Lafarge shares during the suspension period.