Cement manufacturer Circle Cement Limited will start trading on the Zimbabwe Stock Exchange as Lafarge Cement Zimbabwe Limited with effect from Monday next week.
This follows the name change of Circle Cement to Lafarge Cement Zimbabwe Limited in June last year to reflect its majority ownership by Lafarge of France.
In a statement, the company said: "Further to previous circulars and Press releases regarding the change of company name, the board is pleased to announce that the company has successfully completed and complied with all statutory and regulatory requirements to change the company name from Circle Cement to Lafarge Cement Zimbabwe Limited."
Circle Cement revealed that all existing shareholders’ certificates remain valid.Lafarge, which owns 76 percent shareholding in the company through its subsidiary Associated International Cement, has recently pumped in US$43,2 million into the company to boost its operations.
Speaking to Herald Business yesterday, the company’s acting managing director, Mr Jonathan Shonhiwa, said Lafarge has the majority shares acquired from Blue Circle in 2000.Associated International Cement is a subsidiary of Lafarge Cement and 100 percent owned by it.
"Since we are part of an international company, it means the company is better positioned in terms of financial support," said Mr Shonhiwa.