Lafarge Africa Plc has informed The Nigerian Stock Exchange of the decision of the Board of the Company to merge United Cement Company of Nigeria Limited and Atlas Cement Company Limited with Lafarge Africa.
UniCem and Atlas are wholly owned subsidiaries of Lafarge Africa, with the Company holding l00% of the equity in both companies. The merger will enable the enlarged Lafarge Africa to take advantage of benefits arising from various synergies as well as benefit from efficiencies arising from streamlining the operations of UniCem and Atlas.
Lafarge Africa said in a statement that the merger will enable the enlarged Lafarge Africa to take advantage of benefits arising from various synergies as well as benefit from efficiencies arising from streamlining the operations of UniCem and Atlas.
The Company will continue to efficiently service its large, diversified customer base. UniCem and Atlas will be merged with the company, by way of a Court sanctioned Scheme of Merger.
Lafarge disclosed that it has received the Securities & Exchange Commission’s Approval-in-Principle to the Scheme of Merger. An application will be submitted imminently to the Federal High Court, in respect of obtaining an Order to convene the respective meetings of shareholders of Lafarge Africa, Unicem and Atlas.
Lafarge Africa Plc is a building materials company. The Company’s segments include Nigeria and South Africa. Its subsidiaries include Lafarge Ready Mix Nigeria Limited, AshkaCem Plc, Atlas Cement Company Limited, LSAH, The United Cement Company of Nigeria Ltd (UniCem) and Egyptian Cement Holdings (ECH). Lafarge Ready Mix Nigeria Limited is in the business of producing ready mix concrete for the construction industry.
The Company, through its Lafarge Ready Mix Nigeria Limited operations with eight batching plants, is producing concrete and aggregates solutions from its various locations in Nigeria. LSAH is a holding company. AshakaCem Plc is a cement manufacturing company.
UniCem is a cement manufacturer and supplier of cement. UniCem has a production capacity of 2.5 million tons. WAPCO Operations is the South-West operations of Lafarge Africa Plc.
The product portfolio includes five products, such as Elephant Cement, Supaset Cement, Powermax, Etex and Sulfate Resistant Cement (SRC).