Fossil to recapitalise Lafarge Zimbabwe

Fossil Mining, the new owner of Lafarge Zimbabwe, has said it plans to keep the company on the Zimbabwe Stock Exchange once its takeover of the cement producer is completed. According to the company, it intends to recapitalise Lafarge Zimbabwe, leading to an increase in cement output. “Currently 40 per cent of Zimbabwe’s cement requirements are imported, an opportunity that Fossil wants to capitalise on by providing the market with readily available cement,” the company said, as reported in The Insider.  

Holcim announced that it was leaving the Zimbabwe market in January this year. Despite multiple bidders for the business, Fossil Mining, which has no prior experience in manufacturing, was reportedly chosen because of its backing by local banks, pension funds and wealth managers. As part of a global sell-off of assets, Holcim has also recently got rid of its business in Malawi, part of its business in Ghana, its unit in Brazil, as well as exiting the Indian market in May 2022.