Lafarge Africa Plc Set to Raise N131.65bn by Way of a Rights Issue; Approval Process Ongoing

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The logo of the French building materials maker Lafarge is seen in Paris, France May 22, 2017. REUTERS/Gonzalo Fuentes

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Lafarge Africa Plc. (“Lafarge Africa” or “the Company”) hereby notifies The Nigerian Stock Exchange of the decision of the Board of the Company taken on September 26, 2017, in respect of the proposed Rights Issue.

Following the resolution of the shareholders, passed at the Annual General Meeting held on June 7, 2017, the Board of Directors have approved the terms of the Rights Issue. Lafarge Africa will raise N131.65billion by way of a Rights Issue at N42.50 per share, by issuing 5 new shares for every 9 shares held by shareholders, at the Qualification Date, which is to be announced.

The Rights Price represents a c 17.44% discount on Lafarge Africa’s traded closing price as at Friday September 22, 2017.

The regulatory approval process is on-going.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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