Lafarge Africa has bought out the minority shareholders of Ashaka Cement and issued 85.26m shares as part of a share exchange agreement, reports The Nation. The Nigerian cement manufacturer will now become a wholly-owned subsidiary of Lafarge Africa.
The voluntary delisting of Ashaka Cement from the Nigerian stock exchange and its subsequent consolidation by Lafarge Africa, will offer shareholders a more diverse revenue stream.
Lafarge Africa acquired a majority stake in Ashaka after the merging of its operations in Nigeria and South Africa in 2014.
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