By Dipo Olowookere
One of the leading cement manufacturers in Nigeria, Lafarge Africa Plc, has received the regulatory approval to open its N89.2 billion rights issue.
A statement issued by the company disclosed that the apex regulator in the nation’s capital market, the Securities and Exchange Commission (SEC) has approved the exercise.
Lafarge Africa is raise planning to raise a total of N89.2 billion from the exercise by way of a Rights Issue of 7,434,367,256 shares at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders as at December 4, 2018, which is the qualification date.
In the statement to the Nigerian Stock Exchange (NSE) and the investing public, Lafarge Africa said the offering opened on Monday, December 17, 2018, and will end on Wednesday, January 23, 2019.
“Lafarge Africa Plc hereby notifies the Nigerian Stock Exchange of the clearance by the Securities and Exchange Commission (SEC) to open its announced N89.2 billion Rights Issue.
“The offer opens on Monday, December 17, 2018 and will close on Wednesday, January 23, 2019.
“Lafarge Africa will raise N89.2 billion by way of a Rights Issue of 7,434,367,256 shares at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders as at December 4, 2018 which is the qualification date,” the statement signed by the Company Secretary, Adewunmi Alode, said.
The lead issuing house is Chapel Hill Denham, while the joint issuing house is Stanbic IBTC Capital.
The rights being offered are tradable on the floor of the Nigeria Exchange for the duration of the offer.
Lafarge Africa is a member of LafargeHolcim.
