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.