Lafarge Wapco, Nigeria, to raise NGN 100bn

Lafarge Wapco, the Nigerian subsidiary of French cement producer Lafarge is planning to raise NGN 100 billion (€446.74 million) by issuing debts or shares in local and overseas markets. The company will ask for shareholders to approve the fund raising in July 2014. Lafarge earlier announced plans to merge Lafarge Wapco with its South Africa unit to create Lafarge Africa, an entity worth €988 million, and approval of shareholders is needed. If the merger is successful, Lafarge Wapco's market capitalisa
June 12, 2014 Read time: 1 min

725 Lafarge Wapco, the Nigerian subsidiary of French cement producer Lafarge is planning to raise NGN 100 billion (€446.74 million) by issuing debts or shares in local and overseas markets.

The company will ask for shareholders to approve the fund raising in July 2014. Lafarge earlier announced plans to merge Lafarge Wapco with its South Africa unit to create Lafarge Africa, an entity worth €988 million, and approval of shareholders is needed.

If the merger is successful, Lafarge Wapco's market capitalisation will exceed US$3 billion (€2.2 billion) and Lafarge Africa will be listed in the Nigerian stock exchange.

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Lafarge Africa acquire 1.312bn Ashaka Cement shares

The acquisition of 1.312 billion shares in Ashaka Cement has been completed by Lafarge Africa, according to the Nigerian Stock Exchange.

The US$190.23 million (NGN 30.95 billion) deal is part of the ongoing merger of Lafarge Group’s South African and Nigerian assets. The deal was executed as an off-market trade. The seller of the Ashaka Cement shares are Lafarge Nigeria (United Kingdom).

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