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Lafarge Plans N90b Rights Issue, Creates Fresh 10 billion Shares

By Modupe Gbadeyanka

The board of Lafarge Africa Plc, a company trading its securities on the Nigerian Stock Exchange (NSE), has expressed its intention to raise the sum of N90 billion from its shareholders.

This would be carried out through rights issue by way of a rights issue of ordinary shares to its shareholders.

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A statement issued by the firm on Monday disclosed that the rights issue would be “executed at such price, time, for such period and on such other terms and conditions as the directors may deem fit.”

Also, Lafarge Africa stated that it plans to create additional 10 billion ordinary shares of 50 kobo each.

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This is expected to increase its authorised share capital to 20 billion ordinary shares.

At the moment, Lafarge Africa has authorised share capital of N5 billion consisting of 10 billion ordinary shares.

As a result of the creation of additional shares and the proposed N90 billion rights issue, the board of Lafarge Africa has called its shareholders for an extraordinary general meeting, which is fixed for September 25, 2018, at the MUSON Centre (Shell Hall), Lagos at 9am, for approval.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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