Lafarge Africa Shifts Offer Period for N89b Rights Issue

Dipo Olowookere

An approval has been given by the Securities and Exchange Commission (SEC) to the board of Lafarge Africa Plc to shift deadline for its rights issue by two days.

The exercise, which was earlier scheduled to close on Saturday, January 26, 2019, will now wrap up on Monday, January 28, 2019.

The Nigerian Stock Exchange (NSE), which announced the extension, explained that the date was shifted because the earlier date of Saturday, January 26, 2019, was not a “business day.”

“Lafarge Africa has obtained the approval of the Securities and Exchange Commission to change the closure date of its rights issue of 7.434 billion ordinary shares of 50 kobo each at N12 per share on the basis of six new ordinary shares for every seven ordinary shares held as at December 4, 2018.

“The rights issue will now close on Monday, January 28, 2019 as against Saturday, January 26, 2019 earlier announced since Saturday, January 26, 2019 is not a business day,” the notice sighted by Business Post at the weekend read.

Last month, Lafarge Africa commenced the issuance of a rights issue worth N89.2 billion to be used to boost its operations.

At the close of business last Friday, shares of Lafarge Africa rose to N12.80k per unit from N12.55k per unit they traded the previous day.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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