• Thursday, March 28, 2024
businessday logo

BusinessDay

Lafarge further delays release of its audited result

Will Lafarge sustain this path of profitability amid economic, industry headwinds?

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.

“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.