Lafarge Africa Shareholders Approves’ Merger With Unicem & Atlas Cement

Shareholders of Lafarge Africa Plc on Monday November 6, 2017 approved the proposed scheme of merger with United Cement Company of Nigeria Limited (Unicem) and Atlas Cement Company Limited (Atlas). The board of directors of Lafarge Africa received shareholders endorsement at a court ordered meeting in Lagos.

According to chairman of Lafarge Africa Bolaji Balogun who addressed shareholders on the need for the merger, explained that it will help to streamline the operations of Unicem and Atlas as well as to reduce the operating costs by consolidating the cement manufacturing and marketing businesses for better management and efficiency.

Balogun noted that the realization of these synergies is expected to result in improved returns to shareholders and be beneficial to other stakeholders, including employees and customers of Lafarge Africa, Unicem and Atlas.

Adding that “eliminate cost inefficiencies arising from duplication of resources such human resources, financial reporting, operating and administrative expenses amongst others are expected to be significantly reduced post-merger”.

Some of the shareholders that commented on the merger includes Sunny Nwosu, Boniface Okezie, Nornah Aworh,   Shareholders

Lafarge Africa is the sole shareholders of Unicem and Atlas with Lafarge Afriac holding an indirect 100 percent equity shareholding in each of Unicem and Atlas. Atlas was commissioned for operation in 2001 in Rivers State within the Federal Ocean Terminal, Onne and the plant was operated on a floating vessel which had a nominal capacity to pack 500,000 metric tons of cement per annum.

Unicem is headquartered in Calabar Cross River state, with all its cement manufacturing operations consolidated at the Mfamsoing plant. The Mfamosing plant, a modern production facility with an annual production capacity of 5 million tons was inaugurated in 2009.

Photo Caption: Bolaji Balogun Chairman Lafarge Africa Plc