LAFARGE Zambia share placement has enabled the cement company to hold the first position with the largest market capitalization among the companies included in the Lusaka Stock Exchange (LuSE) as at October 2014.
The accomplishment has resulted in the company’s reduced Lafarge group’s shareholding in the company to 75 percent which would allow for a Free Float of 25 percent.
Lafarge Zambia chief executive officer Emmanuel Rigaux commended the Zambian authorities and IMARA, Stock Brokers Zambia and the Lafarge for the corporation and hard work put in over the six months period.
“This success was far from obvious given the little activity coupled with risks of market overhang as other listed companies had already submitted their plans. But with great team work between the Securities Exchange Commission (SEC), LuSE, Lafarge Zambia and IMARA led by Mrs Chrissie Moloseni, we pulled it through,” Mr Rigaux said.
Mr Rigaux also thanked the Board and the Lafarge Group for the confidence demonstrated in the economy and the stock exchange in particular.
“Lafarge Zambia is pleased to celebrate this achievement with you because it is not only a major milestone for Lafarge Zambia but for the Zambian Stock Market in general.
We have added more Zambian institutional investors to the Lafarge Zambia family of shareholders and we can happily proclaim that Lafarge Zambia is truly a Zambian Company as well as part of an international Group. I congratulate these new institutional investors which include NAPSA and Aflife among others,” Mr Rigaux said.
And LuSE chief executive officer Brian Tembo commended Lafarge Zambia for being the first to comply with the free float programme.
Mr Tembo commended the country’s largest cement company for being a well performing stock on the market stating that it was a sign that the company was well managed..
“The LuSE Free Float Compliance Programme is an initiative that will help many Zambian citizens and institutions to participate on the stock market and own part of the successful businesses operating in the country.
The Government will support and embrace those investors who comply with the requirements of being listed by offering at least 25 percent of their shares to the public. We greatly welcome this leadership demonstrated by Lafarge and we expect those companies that fall short to emulate this company, Mr Tembo said.”
Lafarge Zambia Chairman Muna Hantuba emphasized that the Company had largely been a compliant company.