Lafarge Africa plans 131.65 bln naira rights issue

Lafarge Africa said on Wednesday it plans to raise 131.65 billion naira through a rights issue to existing shareholders.
The cement firm in a letter to the Nigerian Stock Exchange (NSE), said that each shareholder is entitled to buy five shares to nine already held in the company at 42.50 naira per share.
Lafarge Africa said it was yet to obtain regulatory approval for the rights issue while the process to do that is one and date for the opening of the bid is yet to be disclosed.
The cement firm said on Wednesday it plans to merge its operations with that of its two subsidiaries; United Cement Company of Nigeria (UniCem) and Atlas Cement Company.