Done deal: Shareholders endorse Lafarge Africa’s N90bn rights issue at EOGM
All is set for Lafarge Africa Plc., leading cement solutions provider to soar its ambition to grow in Nigeria and further strengthen the company by issuing a new rights issue.
The needed nod to drive the strategic growth plan was secured via an Extra-Ordinary General Meeting (EOGM) held Tuesday in Lagos as shareholders approved the plan to raise up to N90 billion in additional capital and the restructuring of its short term US Dollar shareholder loans.
Also approved at the meeting was the restructuring of its outstanding short term $315 million shareholder loans.
In his remarks, Chairman of the Board of Directors, Mr Mobolaji Balogun averred that “The additional capital to be raised will further help to deleverage the company’s balance sheet and provide head room for the expansion of our business.”
Currently, Lafarge Africa in its latest corporate outlook, foresees a stable pricing environment and favourable economic conditions in its Nigeria market while its South Africa operations are undergoing a turnaround plan.
Speaking on the company’s refinancing plan, the CEO, Michel Puchercos observed that “It is aimed at preparing for future development in Nigeria, improving the company’s leverage as well as strengthening its profitability.”
