Fossil Mines’ Khayah Cement faces audit hurdle, de...

Fossil Mines’ Khayah Cement faces audit hurdle, delays financials release

Nyashadzashe Ndoro

Zim Now Reporter

The Zimbabwe Stock Exchange-listed Khayah Cement Limited has announced a delay in publishing its financial results for the year ended December 31, 2023.

In a statement released, the company informed its “valued shareholders, the investing public and other stakeholders” that the results, initially due by March 31st, 2024, will now be published “on or before 30 June 2024.”

The delay stems from “the delay of the conclusion of the financial year 2022 external audit,” according to the statement.

ZSE granted Khayah an extension to accommodate the unforeseen circumstances.

“We understand the importance of timely financial reporting to our stakeholders,” Khayah Cement said in the statement.

“The company is committed to finalizing the audit process as soon as possible and will publish the results by the extended deadline.”

In December 2022, Fossil Mines completed its takeover of Lafarge Cement, acquiring a 76.45% stake in the company for US$29.7 million.

They renamed it to Khayah Cement.

The deal involves over 61 million shares and gives Fossil control over one of Zimbabwe’s largest cement producers.

Lafarge’s holding company, Holcim, announced its exit from Zimbabwe in January 2022 as part of a global selloff.

Fossil beat other bidders, including Chinese cement giant Huaxin, due to its backing from local banks and pension funds. The takeover came at a time when Lafarge was recovering from a bad year, including a roof collapse that halted production for four months.