Lafarge Africa Plc has listed about 3.1 billion ordinary shares of 50 kobo each on the Nigeria Stock Exchange (NSE).
The listing has increased the cement company’s market capitalisation to N278.79 billion at the weekend.
The new shares were pre-allotted to shareholders on the basis of five new ordinary shares for every nine ordinary shares held as at the close of business on November 1, 2017.
With the listing of the additional shares totalling 3.098 billion ordinary shares, the total issued and fully paid up shares of Lafarge Africa increased from 5.576 billion to 8.673 billion ordinary shares.
Lafarge Africa had on November 24, 2017 launched an offer to raise N131.65 billion through a rights issue of about 3.1 billion ordinary shares of 50 kobo each at N42.50 per share.
Chairman, Lafarge Africa Plc, Mr. Mobolaji Balogun has said the recapitalisation would help to reduce the group’s exposure to adverse foreign currency translation losses as experienced in 2016 following a 40 percent depreciation of the naira against the dollar.Please subscribe to our newsletter