Economy & Market
Lafarge increases its stakes in Ashaka Cement
Lafarge has acquired additional 8.45 per cent equity stake in Ashaka Cement Plc to increase its majority shareholding from 50.16 per cent to 58.6 per cent. Ashaka Cement has about 2.24 billion ordinary shares with a paid up share capital of N1.12 billion. Lafarge Nigeria Country Manager Jean-Christophe Barbant, said the increase of its equity stake confirms the company's belief in the potential of AshakaCem and reinforces its commitment to the economic development of Nigeria. He added that Lafarge has long term interest in the economy and would continuously explore opportunities to increase operations with a view to meeting the cement demand of Nigeria. He said the foreign core investor would support Ashaka Cement with the resources to enhance service delivery for customers, increase production volumes to meet the growing demand for cement, deliver additional value for shareholders and further develop the skills of employees. The acquisition has already received the approval of the Nigerian Stock Exchange and the Securities and Exchange Commission (SEC) in line with Rule 111 of the Investment Securities Act.