Nigeria: Ashaka Cement to delist from NSE

LafargeHolcim subsidiary Ashaka Cement has said that it will voluntarily delist its shares from the Nigerian Stock Exchange (NSE) after the freely-tradable proportion fell below the 20 per cent required by the bourse’s regulations, Vanguard News reports.

At present, only around 15 per cent of Ashaka stock is tradable on the NSE. Ashaka made the offer to delist to head off the possibility of the NSE taking regulatory action against it.

An extraordinary general meeting will be convened to secure shareholder approval for the move. LafargeHolcim holds a 58 per cent stake in Ashaka.