Tycoon Kudakwashe Tagwirei’s Fossil Contracting company run by Obey Chimuka has completed the takeover of Lafarge Cement, in a deal that reportedly involved over 61 million shares at a negotiated price of US$29.7 million.
With the deal being sealed under controversial circumstances that allegedly involved disregard of the Competitive and Tariffs Commission regulations, Tagwirei now manages the largest cement company that will supply a cocktail of his companies.
In June this year, Holcim, Lafarge’s holding company, announced that, as part of its exit from the Zimbabwean economy, it had picked Fossil as the potential inheritor of the company.
Lafarge announced the latest development in a cautionary statement this week.
“The company wishes to advise shareholders and members of the investing public on the withdrawal of the cautionary announcement dated 18 November 2022, as the Sale and Purchase Agreement for the sale of 76.45% stake in the Company has been finalised.
“The sale is thus soon to be concluded upon the transfer of the Company shares owned by Associated International Cement Limited to Fossil Mines (Private) Limited stake in exchange for the consideration agreed by the parties,” Lafarge said in a notice.
Fossil beat other bidders, among them Chinese cement giant Huaxin, because it went in with the backing of local banks and pension funds.
Tagwirei made his fortune in the construction and fuel industry a few years before the 2017 military coup that ousted former President Robert Mugabe, installing his ally, then Mugabe’s deputy, Emmerson Mnangagwa.
By 2018 his infant companies began to get several tenders through dubious processes now documented by international media and observer organisations.
Through the influence of Mnangagwa, Tagwirei’s Sakunda Holdings company was allegedly “corruptly” awarded a tender for the supply of services to the controversial Command Agriculture scheme involving billions of dollars financed by taxpayers.
It later emerged that more than US$3 billion was siphoned by a few companies including the Sakunda Command Agriculture scheme.
He continues to receive more government contracts, forming new companies and creating an empire that is scattered all over the government’s major economic market, especially construction.
With massive reports of corruption and aiding the Zanu-PF regime, Tagwirei’s company, Sakunda was slapped with sanctions by the US and UK governments. But he continued to do business by relocating his network to Mauritius and Dubai.
nhubu ine mari iyi
Chimurenga Gandanga Gurus chose
Chimurenga Gandanga Gurus You have now repented , Midlands guys will sort you.
Keepwell Zuzumbe unopenga🖕
Vanhu vaka tsamwa nekuti avana kubvunzwa kana vaidawo kutenga la farge
Tagwirei anombozama haafanani nana Wicknell mbavha isina chinooneka
Mike Kama true
Haunyepe
Jerry Doghead Toda kuita appreciate at times
Tichazongomuka 1 day nyika ino ichinzi yatengwa na Tagwirei, zvisinei Rest In Peace Lafarge.
Kairo Kairo
🤸🤸🤸🤸🤸🤭🤭🤭🤣🤣🤣
Kairo Kairo same as emble mine
Kairo Kairo Mira uone kudhura ku chaita Cement iyo
Am sure Lafarge yacho yatorwa by ginde 😂
Essential Appliances …and that’s the beginning of the end 😔
Essential Appliances ukuti yanga isingatodewo here ? 😂😂😂
Samuel Maviyani straight😐
Rufaro Rue Bhosopo if it was sovereignty, it could have been taken atleast by foreign investment, hameno only God knows 🤷♂️
I knew that big company functioning very well in 1986-90 ichiri kunzi Circle Cement,paine team yebhora yainzi Circle United,paine the Mugeyi twin brothers, William n Wilfred, now its a thing of the past, gone are e days
Guide Zvide Mvere The beginning of the end boss
Obvious
Hatiuyeko kudondo😀👋
These are issues chamisa must be making noise about instead of useless memes
Jerry Doghead they will say recommend someone to take over
Jerry Doghead whats wrong with this deal ????
Lebani Ngwaza Phuti nothing is wrong with this deal. The problem is with Tagwirei taking over all companies in the country
Jerry Doghead is he taking or he is investing ?
Lebani Ngwaza Phuti he is not going through the tender process therefore he is grabbing
Tagwirei in talks to buy Zanu pf muchangofuma muchinzwa
Zisco it happened
Csc it happened plus many other scandals involving well connected. Zim lost promising companies
These guys varikuita kuenjoya hupfumi hwenyika yavo kuita kuchakinya chaiko
Greed is another form of extreme Satanism
Well done Tagwirei, this guy means business & real investment
Lebani Ngwaza Phuti phd syndrome affects is badly wen someone invests he gets dividends,nothin comes out from yep yeppin
Lebani Ngwaza Phuti just like saying the Guptas were doing real.investments in south africa yet they destroy
Tawanda Dhuvai Mpofu this is Zimbabwe not south Africa
Clever Khanye at least Tagwirei will continue making sure he remains the main sponsor of your Gukurahundi massacre masters
Lebani Ngwaza Phuti at least Tagwirei will continue making sure he remains the main sponsor of your Gukurahundi massacre masters
Clever Khanye his Zimbabwean a Nambia from Matebeleland North
Ncobi Siyabonga Khuxonaldo even he is a master of Gugurawonde his impact of good things are also noticed in the country
Melusi Dhliwayo ubani ke lowu
Clever Khanye i just want to make you understand i.know that
Tawanda Dhuvai Mpofu understanding what
Clever Khanye that you must understand how some things work
Tawanda Dhuvai Mpofu which things
Clever Khanye yes his good things are good by making sure that Ndebeles will remain a last class in Zimbabwe and their relatives will remain buried in one grave 🪦 as cockroaches.
That’s one thing I like about Zanu Pf and Tagwirei.
Ncobi Siyabonga Khuxonaldo mxiii mina ngingena ngaphi kulokho kuyangehlulisa ukuphila kumbe kuyangilethela ukudla emulini yami
Clever Khanye 😂😆😆 we are all talking about Tagwirei and how I admire him for making sure that Ndebeles will remain last class in Zimbabwe and their relatives continue being buried like cockroaches in one grave. I salute him for that since he is the main sponsor of Zanu Pf the Gukurahundi master.
I want Zanu Pf to remain in power through sponsorship of Tagwirei so that Ndebeles will remain last class and enjoy being led by Gukurahundi masters
Ncobi Siyabonga Khuxonaldo so we are going different I only praises good things and bad its bad and should be condemned . So you are happy of suffering of other people
Lebani Ngwaza Phuti anything chenekuita ne zanu pf it’s corruption
David Kawuwe thus where you are wrong there is a lot of good things done by you
Ini ndechida kuziwa kuti sei ma sanctions asiri ku affecter Tagwerei sevamwe vari kuchema nawo kkkkk uyu akutoita kunge ma sanctions akutomu booster 🙊
Tagwirei ****-
Tawanda Cephas Mugari sanctions will never affect the so called targeted people , imagine zvikanzi chingwa chakuita $5 iwewe naMnangagwa or Tagwirei who afford
Lets work and buy shares as well, not kukwama umwe murume paarikutenga ma shares
Desire Dezmuch Muchenugwa 🤔🤔
Those who are pro ZANU are taking big just the way Philip did to G & D and ZECO, the employees got the raw end of the deal
Spot on
So he cemented the deal….?
Saka Mnangagwa ndiye Tagwirei here wawaisa apo?
Succ Mukanga vhunzavo hako
Succ Mukanga Mnangagwa ndiye mudzimu wa Tagwirei
Succ Mukanga as if you don’t know that
Succ Mukanga Usanyepere kuzangaira
Zimbabwe of Tagwirei
Kana wakabata chimuti kutofamba
Competition to PPC. Thanks kuda
Kutonga kwaro
Hazvityise izvo lobels yakaitwa cey nana the same pambwa ivava
Ichatochipa zvayo
Deal cemented. Nyika ine vene vayo
N’anga idzi
Business man
Once upon a time there was Gushungo Dairy and …….. modziziva wani😄
I want to join this man mbudzi inodya payakasungirigwabig up to Tagwirei
Tagwirei arikufamba nebhora
Asi kufa kuchauya . Rwendo rwe pasi pano tinoperekedzana.
Well done Sekuru Obey Chimuka 👏👏👏👏Proudly Zimbabwean
congratulations to him
What shall satisfy this Tagwirei greedy soul???
Blessing Amidu stupid question go to business school my guy don’t do empty comments
F*ck you boy, what business school are you talking about? So is it normal to you when one man has control over everything in a country, funny seems that with those loyal lips of yours, you can be there to lick other men’s behind nxaa, so what do you call dictatorship if when a single guy got control over 90% state business alone is a normal thing to you shame