As competition in the continent’s cement market daily becomes intense, the board of Lafarge Africa Plc, has informed the Nigerian Stock Exchange (NSE) of plans to merge United Cement Company of Nigeria Limited and Atlas Cement Company Limited, both wholly owned subsidiaries into its operations.
The merger by way of Court sanctioned scheme of merger, Lafarge Africa noted, will enable the enlarged Lafarge Africa take advantage of benefits arising from various synergies, while allowing it to benefit from efficiencies arising from streamlining operations of both subsidiaries.
The notice by Edith Onwuchekwa (Mrs.), company secretary and legal director of the group said the scheme of merge has already received the Approval-In-Principle of the Securities & Exchange Commission while an application will be submitted to obtain an order of the Federal High Court to convene the respective meetings of shareholders of the merging entities.