The rights issue of Lafarge Africa Plc opened on Friday.
The company is seeking to raise N131.65bn by way of rights to existing shareholders 3,097,653,023 ordinary shares of 50 kobo each at N42.50 each on the basis of five new ordinary shares for every nine units held as at November 1, 2017.
A statement by Godstime Iwenekhai, Head, Listings Regulation Department, trading of in the rights will however commence on Monday, November 27, 2017, due to the company’s delay in communicating the Securities & Exchange Commission (SEC) approval to the Nigerian Stock Exchange (NSE) for the creation of a code.
The rights issue, which represents a 17.44% discount on Lafarge’s traded price as at Friday, September 22, is scheduled to close on Friday, December 15, 2017.
The offer follows a fusion of its subsidiaries like: United Cement Company of Nigeria Limited and Atlas Cement Company into Lafarge Africa Plc.
The merger, according to a notice by Edith Onwuchekwa (Mrs), the company secretary and legal director, “will enable the enlarged Lafarge Africa to take advantage of benefits arising from various synergies as well as benefit from efficiencies arising from streamlining the operations of UniCem and Atlas.”
The company, she assured, “will continue to efficiently service its large, diversified customer base.”