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 Nigeria’s HI profit up 29%

Nigeria’s Lafarge Cement Wapco reports profit before tax of N17.74 billion (approximately US$109 million) for its half-year ended 30 June, a 29% increase from its N13.8 billion ($85 million) in the corresponding period of the previous year.

The company, which last month merged with South Africa’s Lafarge subsidiary, also enjoyed a 12% increase in revenue for the first six months of 2014. Revenue rose to N55.35 billion ($341 million) from N49.48 billion ($305 million) in the preceding year.

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