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Lafarge Board Meets Tomorrow on Terms of N140b Rights Issue

By Modupe Gbadeyanka

Tuesday, September 26, 2017, has been fixed for a crucial meeting of the Board of Directors of Lafarge Africa Plc.

The extra ordinary board meeting is primarily to discuss terms of the cement firm’s N140 billion rights issue.

Last week, the company notified the Nigerian Stock Exchange (NSE) of its intention to hold this meeting which takes place tomorrow.

“We write sequel to our notice of an Extra-Ordinary Board meeting scheduled for Tuesday, September 26, 2017, to consider the terms of the rights issue,” the letter signed by the Company Secretary/Legal Director, Mrs Edith Onwuchekwa, said.

Business Post recalls that in June 2017, at the Annual General Meeting (AGM) of Lafarge Africa Plc, shareholders of the cement firm approved the N140 billion rights issue.

Capital raised from the exercise is mainly to strengthen the capital structure of the company by reducing its foreign currency exposure so as to further grow the firm.

All things being equal, the rights issue would take place next month.

Meanwhile, Lafarge Africa, last week, announced the commencement of its closed period.

In the same notice to the NSE, Mrs Onwuchekwa said the closed period kicked off on Wednesday, September 20, 2017 and will end on Wednesday, September 27, 2017.

“In compliance with Rules 17.17 (b) (3) and 17.18 (b), this is to formally notify you that Lafarge Africa Plc’s closed period commenced September 20, 2017, and will end on September 27, 2017.

“Members of the board have equally been notified of the close period,” the statement said.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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