Africa has listed additional 7.43 billion shares on the daily official list of
the Nigerian Stock Exchange (NSE).
shares of the company came from the N89.2 billion rights issue exercise carried
out by the cement maker recently, which recorded 100% subscription, according
to a recent statement.
7.43 billion ordinary shares of 50 kobo each were sold to existing shareholders
of Lafarge Africa at N12 per unit from December 17, 2018 to Monday, January 28,
listing of the additional 7.43 billion ordinary shares on NSE, the total issued
and fully paid up shares of Lafarge Africa is now 16.11 billion ordinary
this month, Lafarge Africa revealed details of subscriptions of the rights
issue, saying 1,826 acceptance forms for 7.43 billion units of the rights issue
received were found to be valid under the terms of the exercise and were
1,734 shareholders accepted their rights issue in full totalling 5.93 billion
ordinary shares, of which 738.73 million ordinary shares were traded on the
floor of the NSE.
shareholders with a provisional allotment of 395.875 million ordinary shares
partially accepted their rights for 202.40 million ordinary shares.
Africa said as a result of the above, the balance of 193.47 million ordinary
shares was renounced, with 34 subscribers purchasing rights of 738.73 million
ordinary shares on the floor of the NSE.
Lafarge Africa, Mobolaji Balogun, said the additional capital to be raised
would further help to deleverage the company’s balance sheet and provide head
room for the expansion of its business.
He said the company foresees a stable pricing environment and favourable economic conditions in its Nigeria market, while its South Africa operations were undergoing a turnaround plan.https://leadership.ng/2019/03/28/lafarge-africa-lists-additional-7-43bn-shares-on-nse/