Lafarge further delays release of its audited result

Lafarge Africa Plc is optimistic that all the issues relating to the late filing of its audited financial statements for the year ended December 31, 2018 will be fully resolved and the audited financial statements submitted to the Nigerian Stock Exchange (NSE) not later than June 28, 2019.

The company disclosed this in a notice dated June 10, signed by Adewunmi Alode, its Company Secretary, and released to the investing public at the Nigerian Stock Exchange.

At N10 per share, Lafarge Africa Plc stocks have declined by 19.7percent this year underperforming the NSE All Share Index (ASI) which is down by 3.53 percent year-to-date (Ytd).

Lafarge Africa Plc added that the approval of the NSE has been sought for the delay/late filing of the Audited Financial Statements.

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“This is to notify our esteemed shareholders and other stakeholders of a further delay by Lafarge Africa Plc to release/publish its annual Audited Financial Statements for the year ended 31st December 2018 as required by extant Rules of the Nigerian Stock Exchange,” the statement by Lafarge Africa Plc reads.

According to the statement, “the delay is necessitated by pending actions required for the resolution of key matters relating to the closure of the Company’s annual Audited Financial Statement for the year ended 31st December 2018.”

Lafarge Africa Plc had earlier this year concluded a Rights Issue, which it said recorded 100percent subscription. Lafarge Africa issued to existing shareholders 7,434,367,256 ordinary shares of 50 kobo each on the basis of six (6) ordinary shares for every seven (7) ordinary shares held as at December 4, 2018 at N12per share.

The Rights Issue which opened on December 17, 2018 closed on January 28, 2019.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.