Lafarge Africa to seek shareholders approval

Lafarge Africa is to seek shareholders’ approval for a NGN140bn (US$443m) rights issue during its 58th Annual General Meeting to be held on 7 June 2017, the company has informed the Nigerian Stock Exchange.

Also on the AGM agenda is a proposal to shareholders to approve the merger of subsidiary Unicem into Lafarge Africa.

The proposals, according to the company, will strengthen its balance sheet and capital structure by reducing foreign currency exposure and optimising the Lafarge Africa organisation.