WAPCO Consolidates Position in Nigeria, South African Businesses

It has been announced today the intention of Lafarge Group to transfer all of its shares in its businesses in Nigeria and South Africa into Lafarge Cement WAPCO Nigeria Plc (“Lafarge Wapco”).
When finalized, Lafarge Cement WAPCO Nigeria Plc will be renamed Lafarge Africa Plc (“Lafarge Africa”) and will be strongly positioned to benefit from growth and development opportunities in Nigeria and Southern Africa. Lafarge Africa, owned 73% by Lafarge Group, will remain listed on the Nigerian Stock Exchange. The new entity will have nationwide coverage in both Nigeria and South Africa, with cement capacity of about 12 million tonnes, as well as operations in aggregates, ready-mix and fly ash. The strong operational track record and management skills within the combined businesses as well as continued support and expertise from Lafarge Group will position Lafarge Africa to offer a full range of value added solutions to meet customers’ needs. Commenting on the transaction, Chairman of Lafarge Wapco, Chief Olusegun Osunkeye, OFR, OON said: “I am proud to be part of the creation of this leading African building materials platform. It will provide access to growth in two of the largest economies on the continent. It will mean that our shareholders are invested in a larger and more geographically diverse business; and it will contribute significantly to the economic growth of both our nations”.
Source: Proshare

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