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.

Bua group

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.

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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