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Following
the merger with its sister company in South Africa, Lafarge Group yesterday
traded its 58.61 per cent shareholding in Ashaka Cement Plc to Lafarge Africa
Plc.
The
transaction gives effect to part of the resolutions that were passed by the
shareholders of Lafarge Africa Plc at the company’s annual general meeting held
in Lagos recently.
The
deal also marks another critical step in the Lafarge Africa consolidation
transaction. Further announcements are expected to be made when milestones in
respect of other key elements of the shareholder resolutions are reached.
The
company had on July 9, 2014, received overwhelming shareholders’ approval to
consolidate its cement businesses in Nigeria with Lafarge South African
operations to create a leading sub-Saharan building materials giant to be known
as Lafarge Africa Plc.
Under
the transaction, Lafarge Group will transfer its direct and
