The board of directors of Africa’s leading cement producing firm, Lafarge Africa, has agreed a N12 per share for its right issue to raise N89.21 billion.
The board at its emergency board meeting on Monday approved the terms of the right issue in accordance with the resolutions of the company’s shareholders which they passed at its last extra-ordinary general meeting which was held in July 2018 to raise N89.21 billion through right issue to aid its financials spending.
The cement company in a statement signed by Adewunmi Alode, its company secretary, stated that “following the resolution of our Shareholders passed at the Extra-Ordinary General Meeting held on the 25th September 2018, the Board of Directors have approved the terms of the Rights Issue.”
The firm further said “Lafarge Africa Plc will raise N89.21billion by way of a Rights Issue at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders at the Qualification Date, which will be announced.”
This Rights Price represents a c.10.45percent discount on Lafarge Africa’s traded closing price as at Monday, 3rd December 2018 and the regulatory approval process is ongoing the cement firm also said in the statement.
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