Lafarge Says Shareholders, Board Approves N131.65Billion Rights Issue

September 28, 2017

By InvestAdvocate

Lagos (INVESTADVOCATE)-Top cement producer, Lafarge Africa Plc said on Thursday that its shareholders and board has approved by way of Rights issue the raising of fresh funds of N131.65 billion.

Lafarge said this in a notice to the Nigerian Stock Exchange (NSE) of the decision of the board of the company taken on September 26, 2017, in respect of the proposed Rights Issue.

  According to the cement producer, the Rights goes for N42.50 per share, by issuing 5 new shares for every 9 shares held by shareholders, at the Qualification Date, which is yet to be announced.

“The Rights Price represents a c 17.44 percent discount on Lafarge Africa’s traded closing price as at Friday September 22, 2017. The regulatory approval process is on-going,” Lafarge said.