The Board of Directors at its meeting held on Thursday 12th May, 2016 and in line with shareholders' resolution at the 55th Annual General Meeting (AGM) of Lafarge Africa Plc held 9th July, 2014 has approved the acquisition of additional 50% equity interest in United Cement Company of Nigeria Limited (Unicem) on the same terms as the initial acquisition of 35%.
This equity interest is currently held by Egyptian Cement Holdings B.V (ECH) an entity that is jointly owned by LafargeHolcim Group and Lafarge Africa Plc. LafargeHolcim's interest in ECH is held through Holcibel SA and it is from Holcibel that Lafarge Africa will be acquiring the shares.
In compliance with the shareholders' resolution referred to above, the Board of Directors has also approved the issue of 413,175,709 ordinary shares of the Company as full consideration for the acquisition.
At the conclusion of the transaction, Lafarge Africa Plc will now an indirect interest of 100% of the issued share capital of Unicem.
This information is being provided in compliance with the Listing Rules of the Nigerian Stock Exchange.