AshakaCem board proposes voluntary delisting from NSE

At its board meeting Wednesday, the Board of Directors passed a resolution to propose to its shareholders, a voluntary delisting of the company from the floor of the Nigerian Stock Exchange.

AshakaCem’s free float after the Mandatory Tender Offer fell from 17.54% in 2015 to 15.03% in September 2016. They have been unable to meet up with the 20% free float minimum required for a publicly listed company hence the proposed decision.

Shareholders are free to exit the company prior to its delisting either by trading their shares on the floor of the market or accepting the exit terms offered by the company, with a 90 day period after exit to exercise any of these options.

Minority shareholders will also be offered benefits including revenue diversifcation by geography as  a result of Lafarge Africa’s operations in Nigeria, South Africa and Ghana.