Shareholders are referred to the cautionary announcement issued on 30 November 2021 wherein the Board of Chilanga Cement Zambia Plc (the “Board”) (“Chilanga” or the “Company”) informed the shareholders and the market that Huaxin (Hainan) Investment Co., Ltd. (“Huaxin”) had purchased 150,026,436 Chilanga Cement shares representing a 75.00% shareholding via trades conducted on the LuSE at a price of ZMW 13.16 per share, and that the purchase consideration was subject to a post-completion price adjustment exercise that commenced and was expected to be completed within eight (8) weeks.
The Board wishes to advise the shareholders and the market that the post-completion price is still underway and is expected to be completed within the next four (4) weeks. As per clause 58 of the Securities (“Takeovers and Mergers”) Rules, the announcement of the obligation to make an offer under Clause 56 (“Mandatory Offer”) of the Securities (Takeovers and Mergers) Rules will be made only once the post-completion price adjustment exercise has been completed.
Accordingly, Shareholders are advised to exercise caution when dealing in the Company’s securities until further announcements are made.
By Order of the Board
Chibuye Mbesuma Ngulube
Company Secretary
Issued in Lusaka, Zambia on February 4, 2022
