Lafarge Zambia engaged discussions with the Zambian financial authorities, namely the Securities and Exchange Commission (SEC) and Lusaka Stock Exchange (LuSE), in December 2013 aimed at increasing Lafarge Zambia's percentage of free-float. As a result of these discussions, Lafarge Zambia initiated a sell-down programme in May 2014 and conducted a share auction placement in order to progressively bring the free-float from 16% to 25%. As a result of this placement, Lafarge will now hold 77.37% shareholding in Lafarge Zambia.
The Directors and Management of Lafarge Zambia are pleased to announce that bids equaling 25,107,893 shares were received out of the available 18,103,612. Although not all bids will be successful or deemed as allocations, this is a good indicator of investor confidence in Lafarge.
Lafarge Zambia Chief Executive Officer (CEO), Emmanuel Rigaux commended Lafarge and LuSE on the impressive market response to the auction acknowledging that this was a great joint success for Lafarge Zambia and the Lusaka Stock Exchange. "We were the first company to list on the LuSE and are now the first to begin the implementation of the LuSE Free- Float Compliance Programme. Lafarge Zambia is truly a Zambian Company as well as part of an international Group", remarked Mr. Rigaux.
In congratulating Lafarge Zambia on the share placement, the LuSE Chief Executive Officer, Mr. Brian Tembo, called it a boost to the Stock Market: "I congratulate Lafarge Zambia and the investors in our market. This investor appetite is encouraging and the initial results of the Lafarge Zambia sell-down programme through a share auction placement is a boost to the Zambian Stock Market and reaffirms the confidence that investors have in our economy in general and LuSE in particular".