Lafarge Africa Plc said it will raise N140 billion through a right issue as the Nigerian producer of the building material seeks to shore up its finances and boost growth.
The company will issue 2.80 billion ordinary shares to existing shareholders, based on its last share price of N49.50.
This will potentially increase total outstanding shares to 8.3 billion, from 5.3 billion.
The Nigerian cement maker incurred huge foreign echange losses due to its aqusition of Unicem, as a weak naira balloned dollar denominated debt in the balance sheet.
Lafarge Africa’s first posted a net income of N5.2 billion in the first quarter of the year while sales went up by 55 percent.
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