- Lafarge Nigeria (UK) Limited has completed the block sale of its 58.61% shareholding in Ashaka Cement to Lafarge Africa Plc
- This has now triggered an MTO (Mandatory Take Over) in accordance with Section 131 of the ISA Act (No 29 of 2007).
- SEC Rules and Regulations requires a Mandatory Takeover bid be made to all shareholders of a public company by any party that acquires 30%or more shares of the company.
- SEC has therefore given Lafarge the authority to proceed with the MTO
- Lafarge has notified the board of Ashaka Cement of its intention to proceed with the MTO to all shareholders holding 41.39% of the company’s shares.
- See official press release
Press Release: Lafarge Africa Launches Mandatory Takeover Of The Balance Ashaka Cement Shareholdings
