Lafarge Cement Zimbabwe has pledged US$3m towards the Mashonaland East community share ownership fund to meet the requirements of the country’s economic and empowerment regulations.
The cement producer has also pledged US$70 000 towards the preparations and hosting of the community share ownership fund launch, NewsDay reports.
Speaking at the Mashonaland East stakeholders’ meeting for the launch of the scheme in Uzumba-Maramba-Pfungwe last Friday, Lafarge managing director Johnathan Shonhiwa said the company was committed to the indigenisation programme and would provide funds required to uplift the community.
The company has also agreed to reduce its foreign shareholding to 49 per cent in line with the indigenisation and economic empowerment regulations of 2010. “To this effect our indigenisation plan was approved by the Minister of Youth Development, Indigenisation and Empowerment,” the company said in a statement last week.