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Buyanga eyes ZSE-listed Lafarge Cement takeover
28/05/2016 00:00:00
by Agencies
 
Businessman Frank Buyanga
 
RELATED STORIES

FLAMBOYANT businessman, Frank Buyanga, is eyeing a 40 percent stake in cement manufacturer, Lafarge Cement Zimbabwe, a unit of Lafarge-Holcim, the world’s largest building materials producer with operations in 90 countries worldwide s.

Buyanga has reportedly approached Lafarge’s executives with his proposal, and is planning to make the acquisition through African Cell (Private) Limited, a subsidiary of South Africa-based Hamilton Capital whose interests cut across the hospitality, mining, micro-finance and construction sectors.

In a letter to Lafarge’s chief executive officer (CEO), Amal Tantawi, dated April 25, 2016, Buyanga said he was interested in “purchasing Lafarge Zimbabwe”.

The letter, which suggested that an offer had been made earlier, said: “Please kindly note that one of our subsidiaries African Cell P/L will be purchasing and is interested in a major stake in the business.”

Lafarge is listed on the Zimbabwe Stock Exchange and publicly trades its shares.

Buyanga confirmed that he was planning to buy into Lafarge.

“I am looking to buy a significant stake in the business. I do not have the valuations at hand but my budget is not limited. We have to buy (the shares) at their right market value.

“The foreign company on the list own 76 percent. That is what I am eyeing,” he said.

Buyanga is known as a loan shark in Zimbabwe after several property owners, mostly in Harare, allegedly had their properties sold by his firm after they failed to repay loans advanced to them through Hamilton Property Holdings Limited, another subsidiary of Hamilton Capital.

He relocated to South Africa following alleged political involvement in the dispute between Hamilton Property and ruling party bigwigs and cronies who had borrowed from his firm.

Buyanga’s businesses are intricately linked with British tycoon, Nicholas van Hoogstraten, who has a son called Hamilton. Buyanga has said the British property mogul gave him a US$25 million facility in 2008, which he used to build his business.

Van Hoogstraten has a £41 million Sussex mansion called Hamilton Palace. British media reported over a month ago that the vast house, near Uckfield in East Sussex, has still not been completed, despite the fact work began on the property in 1985.



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The target of Buyanga’s planned acquisition, Lafarge Cement Zimbabwe, was formerly Circle Cement which is known for its contribution to the construction industry over the years.

Its cement was used in the construction of the Kariba Dam, the Kabora Bassa Dam, major bridges in the country and almost all high-rise buildings in Harare.


 
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