Lafarge Africa to hold EGM in September

Lafarge Africa to hold EGM in September

Lafarge Africa Lafarge Africa Plc will hold an Extra Ordinary General Meeting (EGM) on Tuesday, September 25, 2018. Among the agenda to be discussed are: Approval of the appointment of Mr. Rossen Papazov as a Non-Executive Director.

Approval of Rights Issue and Debt-to-Equity Conversion.

That the Company be and is hereby authorised to enter into a related party transaction with LafargeHolcim (its parent company) through Caricement B.V and to accept the facility. Details have been circulated to the shareholders by way of the Explanatory Note issued pursuant to The Nigerian Stock Exchange’s Rules Governing Transactions with Related Parties or Interested Persons.

Lafarge Africa is currently trading at N25.75 in today’s trading session on the Nigerian Stock Exchange (NSE), down 1.90%.

Results for the half year ended June 2018 show the company reported revenue of ₦162.29 billion for the period ended June 2018, compared to ₦154.84 billion reported for the period ended June 2017.

Loss before tax was ₦6.35 billion for the period ended June 2018 as against profit before tax of ₦18.16 billion reported for the period ended June 2017.

The company’s loss after tax for the half year ended 30th June 2018 was ₦3.9 billion as against profit after tax of ₦19.7 billion recorded in H1 2017. Prior to this

Chairman of the company, Bolaji Balogun had hinted that the company would embark on an expansion plan, once it paid down its debt.

Cement companies in the country have embarked on an expansion drive.

BUA Cement last month completed a 1.5 million tonne expansion of its Kalambaina cement plant in Sokoto, at an estimated cost of $350 million. Dangote Cement, Nigeria’s largest cement producer in July last year unveiled plans to expand its plants in Nigeria .

During a tweet chat with Nairametrics , CFO of the company, Bayet Bruno shed more light on the reasons behind the proposed rights issue, and its plans going forward.

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