Lafarge Sells 58.6% Stake in AshakaCem to Lafarge Africa

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

Competition among cement firms leads to price drop, increased capacity

Intense competition among Nigeria’s major cement manufacturers is leading to stable and lower prices amid increased capacity by the firms as they position to meet burgeoning demand.

Dangote Cement plc, Nigeria’s leading cement manufacturing company, says it has increased its production capacity by 9 million metric tonnes per annum following the commissioning of two new production lines in Ibese, Ogun State, and one production line in Obajana, Kogi State.

UniCem, a cement manufacturer located in Cross River State, recently broke ground on an additional 2.5 million metric tonnes per annum line to double production at its plant, while Lafarge Africa has also

Lafarge plans liquidity-boosting IPO

Lafarge Cement WAPCO Nigeria plc, which yesterday got shareholders’ approval to consolidate its Nigeria and South Africa businesses, is considering raising additional equity through a public offer.

Analysts say if market conditions permit, the move will guarantee market liquidity of the stock as well as encourage participation by other investors.

Shareholders of Lafarge Cement WAPCO yesterday approved the creation of Lafarge Africa, a Nigerian-listed holding company that will consolidate all Lafarge’s Nigerian and South African assets.

Consequent to the issuance of new shares by Lafarge Cement WAPCO as a result of the transaction approved by shareholders and the public offer, the company will be