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Lafarge Africa commences N89.2 billion rights issue

Onome Ohwovoriole by Onome Ohwovoriole
December 18, 2018
in Business News, Company News
Lafarge Africa provides grant for startups, Lafarge Africa’s latest earnings report reveals 8.5% decline in gross profit , Lafarge Africa gets new CFO one month after resignation of former finance director, Lafarge Plc reveals why it invited Italian man with Coronavirus to Nigeria, Lafarage Africa group Plc posts a revenue of N213 billion in 2019, profit up N17 billion, Lafarge moves to sell 35% shareholding in Continental Blue Investment Ghana Limited

Lafarge Africa Plc

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Cement giant Lafarge Africa Plc has opened its ₦89.2 billion rights issue. The firm disclosed this, in a notice sent to the Nigerian Stock Exchange (NSE).

The offer opened on Monday 17th December 2018 and will close on Wednesday 23rd January 2019.

Lafarge Africa will be issuing 6 new shares for every 7 shares held by shareholders as at 4th December 2018 which is the qualification Date. A total of  7,434,367,256 shares will thus be issued at ₦12 per share.

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Prior to this 

The company had earlier this month sent a notice to the NSE, indicating its intentions to raise funds through a rights issue. An Extra Ordinary General Meeting (EGM) was held in September, where shareholders gave approval.

Lafarge Africa closed at ₦11.95 in yesterday’s trading session on the NSE, down 4.02%.

Results for the nine months ended September 30, 2018, show revenue increased from ₦223 billion in 2017 to ₦234 billion in 2018.

The firm made a loss before tax of ₦14.3 billion in 2018, as against a profit before tax of ₦1 billion for the corresponding period of 2017.

Loss after tax stood at ₦10.3 billion as against a profit after tax of ₦937 million made in the corresponding period of 2017.


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Tags: lafarge africa
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 2

  1. IsaacLight says:
    December 18, 2018 at 3:27 pm

    PAT for 2017 is billions or millions?

    Reply
    • Onome Ohwovoriole says:
      December 19, 2018 at 10:11 am

      Thank you for the observation. It should be millions.

      Reply

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