Lafarge to deliberate terms of N140bn right issue


The Board of Directors of Lafarge Africa Plc will be meeting on Tuesday, September 26 to consider the terms of its rights issue in an extra ordinary board meeting.

The cement producing firm in a notice filed with the Nigerian Stock Exchange (NSE) on Friday, also said it had commenced a closed period which started on Wednesday, September 20, 2017.

The notice signed by Mrs Edith Onwuchekwa, the Company Secretary and Legal Director for Lafarge noted that the closed period will end on Wednesday, September 27, 2017.

“In compliance with Rules 17.17 (b) (3) and 17.18 (b), this is to formally notify you that Lafarge Africa Plc’s closed period commenced September 20, 2017, and will end on September 27, 2017.

“Members of the board have equally been notified of the close period,” the statement said..

It will be recalled that shareholders of Lafarge Africa had approved the N140 billion rights issue during the company’s annual general Meeting (AGM) in June.

The company said the proposed rights issue would strengthen the capital structure of the company by reducing its foreign currency exposure and optimising Lafarge Africa’s organisation.

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According to the company’s Chairman, Mobolaji Balogun,the rights issue will take place at the beginning of third-quarter and is expected to be finalised by October at the latest.