02 Jul Further Cautionary Announcement
Securities Exchange Notices | Chilanga Cement Plc | Further Cautionary Announcement
Shareholders are referred to the cautionary announcement, dated 8th June 2021, issued by the Board of Directors of Lafarge Zambia Plc (“Lafarge” or “the Company) informing the market that there were developments relating to the Company, the full impact of which were being determined, which may have an effect on the Company’s securities.
Lafarge hereby provides a further update to shareholders and the market that on 11th June 2021 an agreement for the sale and purchase of 75% of shares in the Company was executed between the Majority shareholders Financière Lafarge SAS (“Financière Lafarge”), Pan African Cement Ltd (“Pan African”) and Huaxin (Hainan) Investment Co., Ltd. (“Huaxin”) whereby Financière Lafarge SAS and Pan African Cement Ltd have agreed to sell their shares to Huaxin at an enterprise value of USD 150 million (ZMW 3.3 billion) for 100% of the Company (the “Transaction”). The closing of the Transaction is subject to the terms and conditions set out in the agreement between the parties and to customary regulatory approvals required both in Zambia and China.
On closing of the Transaction, the parties will continue to comply with the requirements set out in the Securities Act No. 41 of 2016 and the the Securities (Takeovers and Mergers) Rules issued under Statutory Instrument No 170 of 1993.
- July 2, 2021 Create Date
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- Expiry Date