Lafarge Africa buys out shareholders of Ashaka Cement

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.