Bruno Bayet named CFO of Ashaka Cement

Nigeria-based Ashaka Cement, a subsidiary of Lafarge of France, has registered a rise in its pre-tax profit in the January to June 2014 period to NGN 4.39 billion (€ 20.12 million/US$26.97 million), as compared to NGN 1.6 billion in the same period in 2013, up by 166.16%.

The cement company has posted a jump in its profit after tax in the six months under review from NGN 1.15 billion in the same period in 2013, to NGN 3.51 billion, a 201.41% increase.

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).

Nigeria is set to become one of the six countries to have international cement research centres from Lafarge.

The country is said to be on the verge of joining France, China, Brazil, India and Algeria as host to Lafarge’s development laboratory, which is targeted at developing new solutions and business opportunities to consumers through guaranteeing strong orientation towards products applications and construction systems, while deepening understanding of local constructive modes specificities.

Gille