THE Economic Empowerment Group (EEG) — a local black empowerment lobby group —has hailed the acquisition of Lafarge Zimbabwe by a local company, Fossil Mines, saying this was going to create employment.
Speaking to the Daily News yesterday, EEG vice president Munyaradzi Kashambe, who is also Zanu PF MP for Seke constituency, said the acquisition of Lafarge Zimbabwe showed that the government had confidence in local companies.
“We lobbied for Lafarge to be taken by a local company because there is no huge capital injection needed, the equipment and the plant is there, and everything is operational. We wanted to make the vision of our president come true. We lobbied that Lafarge must be sold to Zimbabweans because we have got the companies with that capacity.
“The good news is that a deal was concluded between a Zimbabwean company and Lafarge, which we feel is a good development. We urge the company which acquired Lafarge to look at surrounding areas and employ the locals.
“This will even help to fight drug abuse because most youth will have something to do. Empowering local companies is empowering the nation and we want to thank President Mnangagwa for this,” Kashambe said.
In a notice recently, the Holcim group, the owners of Lafarge Zimbabwe, said they had sold 76.45 percent shareholding to Fossil Mines.
“Further to the cautionary announcement dated 31 May 2022, shareholders and members of the investing public are advised that Associated International Cement Limited, a member of the Holcim group, has entered into a binding agreement for the sale of its 76, 45 percent stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (Private) Limited.
“The transaction, if successfully concluded, may have a material effect on the Company’s securities. Accordingly, shareholders and members of the investing public are advised to exercise caution when dealing in the company’s securities until a full announcement is made.”
This comes as EEG is embarking on a drive to empower youths by creating opportunities for them in different sectors of the economy so that they can do away with drug abuse.