ASSOCIATED International Cement Limited (AICL) has entered into a binding agreement with Fossil Mines (Private) Limited for the sale of its 76,45 percent stake in Zimbabwe Stock Exchange-listed cement maker, Lafarge Cement Zimbabwe (Lafarge).

In a cautionary statement on Monday, Lafarge hinted that a major shareholder shake-up at the company was looming following legal contracts with the mining firm.

“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,” Lafarge’s acting company secretary Arnold Chikazhe said.

“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,” he said.