The Board of Directors of Lafarge Africa Plc, has approved the acquisition of additional 50% equity interest in United Cement Company of Nigeria (UNICEM) on the same terms as the initial acquisition of 35%.
The Board took this decision at its 55th Annual General Meeting.
The company further stated that the equity interest is currently held by Egyptian Cement Holdings, BV (a company jointly owned by LafargeHolcim Group and Lafarge Africa Plc.
Lafarge also said that in compliance with shareholders’ resolution, the Board of Directors has equally approved the issue of 413, 175, 709 ordinary shares of the company as full consideration for the acquisition.
It also states that when the acquisition is concluded, Lafarge Africa Plc will own an indirect interest of 100% of the issued share capital of UNICEM.