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Tagwirei sets footprints in all sectors, snaps up Lafarge

By Nyasha Chuma

PETROLEUM mogul Kuda Tagwirei has snapped three quarter shareholding of Lafarge Cement in a move that maintains his hegemony in the Zimbabwean economy.

According to a communique issued by Lafarge on June 6 , Tagwirei, through his investment vehicle Fossil Mines fronted by his proxy Obey Chimuka entered into a “binding agreement” with Lafarge under Holcim group and acquired at least 77 percent shareholding.

Read part of the agreement:

“Further to cautionary announcement dated May 31 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 it’s 76.45 percent stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (PVT) Limited.”

Interestingly, this development follows the meeting held in Davos,where his Excellency President Emmerson Mnangagwa met with Holcim Group leadership.Other sources told this publication that Fossil Mines had already acquired a 4percent shareholding in the entity(Larfarge).

Tagwirei has set footprints in almost every sector in the national economy and has managed to thrive while contributing significantly to the national Gross Domestic Product(GDP).

 

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