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.
