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Barring any change, Lafarge Africa Plc has concluded plans to raise additional N140 billion from the capital market through a Rights Issue.
According to a statement to the Nigerian Stock Exchange, NSE, on Monday, the Company said that it will seek shareholders’ approval during the 58th Annual General Meeting, AGM, scheduled to hold on June 7, 2017.
The Board of Lafarge is also expected to present to its shareholders at the AGM a merger scheme between United Cement Company Limited, UNICEM, Calabar, and Lafarge Africa for ratification.
The proposals, according to the company, will strengthen its balance sheet and capital structure by reducing foreign currency exposure and optimizing the Lafarge Africa organization.
“Combined with improved operating performance, the proposals will strengthen Lafarge Africa’s expansion in Nigeria. Unicem, a 100 per cent owned subsidiary of the company, has foreign exchange loan of approximately USD600 million, which was incurred for the completion of line-1 (2.5 million metric tonnes per annum (mmtpa) and the commissioning of line-2 (2.5 mmtpa).
