Lawrence Masha resigns as Tanga Cement board chairman

Lawrence Masha has left the board of Tanga Cement Co Ltd. In a statement to the Dar es Salaam Stock Exchange, the company said:”Shareholders are advised that Tanga Cement PLC announced today that the Chairman of the Board, Mr.Lawrence Masha, resigned from his position with effect from December 15, 2022, having spent nine years on the Board of the Company, to be able to commit to a new opportunity.”

The resignation follows its failed takeover by Scancem International, subsidiary of Heidelberg Materials, which owns Twiga Cement, and AfriSam Mauritius Investment Holdings Ltd, owner of Tanga Cement, issued a joint statement they had finalised the terms upon which the Scancem would acquire a 68.33 per cent stake in Tanga Cement. However, the deal was blocked by the Fair Competition Tribunal, who ruled against it as it would reduce competition in the market. In addition, the company also faced falling profits in 2022.

Mr Masha has been replaced by Deputy Chairman, Patrick Rutabanzibwa.