Lafarge seeks approval to transfer US$12m, Zimbabwe

Lafarge seeks approval to transfer US$12m, Zimbabwe
Published: 23 April 2010

Next month, Lafarge will seek shareholder consent to transfer US$12m from its non-distributable reserves to issued share capital and retained income, making the funds available to support operations.

The request is to be tabled at the company’s Extraordinary General Meeting scheduled for May 20, during which shareholders would consider other requests.

Larfage wants shareholder consent to transfer US$12,335,182 from the non-distributable reserves to US$800,000 issued share capital of nominal value US$0,01 while the remainder would be transferred to the retained income account. The US$800,000 would consist of 80 million ordinary shares.

In essence, the Zimbabwe Stock Exchange listed cement producer would keep US$800,000 as issued share capital, making the balance of US$1,535,182 available for investment.