Lafarge Africa Concludes Sale Of South Africa Arm For $316.289m

The board of Lafarge Africa Plc, on Wednesday, July 31, 2019, informed the Nigerian Stock Exchange (NSE) that it has completed the divestment of its subsidiary- Lafarge South Africa Holdings (LSAH), after a transaction closing meeting held same day, at which parties to the transaction exchanged documents as specified in the Share Purchase Agreement.
The transaction had earlier received the blessing of shareholders at the group’s 60th Annual General Meeting of the Company on Monday, July 22, 2019.
A statement by Mrs. Adewunmi Alode, General Counsel & Company Secretary of Lafarge Africa, noted that as approved by shareholders at the AGM, the sale price of US$316,289,060.55 was utilized to settle the entire principal (US$ 293,000,000) and accrued interest to 31st July 2019 (US$23,289,060.55) on the Inter-Company loan owed to Caricement BV (Purchaser).”
The statement affirmed that following the divestment, Lafarge Africa no longer has “any foreign currency debt on its books, with the only debt being the N33.6 billion corporate bond due for redemption in June 2021 and N16.0 billion on Central Bank Of Nigeria Intervention loans through the Bank of Industry.”