Lafarge Africa Plc has notified the Nigerian Stock Exchange (NSE) of the decision of the Board of Directors at the meeting held on December 3 2018 in respect of the proposed Rights Issue.
Following the resolution of the company’s shareholders passed at the Extra-Ordinary General Meeting (EGM) held on September 25, 2018, the Board of Directors have approved the terms of the Rights Issue.
Lafarge Africa Plc will raise N89.21billion by way of a Rights Issue at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders at the Qualification Date, which will be announced.
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The Rights Price represents a circa 10.45percent discount on Lafarge Africa’s traded closing price of N13.4kobo as at Monday December 3, 2018.
The regulatory approval process for the Rights Issue is ongoing, according to the notice signed by Adewunmi Alode, Company Secretary, Lafarge Africa Plc.
Lafarge Africa Plc is a subsidiary of LafargeHolcim, a world leader in building materials. The company has operations in Nigeria – Ewekoro and Sagamu plants in Ogun State, Ashakacem in Gombe State, Mfamosing in Cross Rivers State, Atlas cement in Rivers State and Ready-Mix Nigeria and varied operations in South Africa and Ghana with total group capacity of around 14 million Metric Tonnes.
