Lafarge to Raise N89.21bn in Rights Issue

• Lafarge to Raise N89.21bn in Rights Issue

Lafarge Africa Plc has said it plans to raise N89.21bn by way of a rights issue.

The firm, in a statement signed by the Company Secretary, Lafarge Africa, Adewunmi Alode, said the decision was arrived at during the emergency board meeting in Lagos on Monday.

It said following the resolution the shareholders earlier passed at the extra-ordinary general meeting, the terms of the rights issue had been approved by the board of directors.

The firm notified the Nigerian Stock Exchange and the investing public of the decision of the board of directors, saying six new shares would be issued for every seven shares held by shareholders at N12 per share.

The statement read in part, “Lafarge Africa Plc will raise N89.12bn by way of a rights issue at N12.00 per share. The qualification date will be announced soon

“The rights price represents a c.10.45 per cent discount on Lafarge Africa’s traded closing price as at Monday, December 3, 2018. The regulatory approval process is ongoing.”