Ashaka Cement shareholders in Pan-African opportunity

13 January 2015

Chairman of Lafarge Africa Plc Chief Olusegun Osunkeye has said that the ongoing Mandatory Tender Offer (MTO) will provide minority shareholders of Ashaka Cement

an opportunity to be part of a Pan-African entity that has footprints in Nigeria and South Africa and provides an excellent growth and well diversified value creation platform.

In late 2014, Lafarge Africa Plc announced the completion of the block trade in respect of its acquisition of 58.61% shareholding in Ashaka Cement Plc, formerly held by Lafarge Nigeria (UK). In compliance with the Investments and Securities Act 2007 and the Security and Exchange Commission’s (SEC) rules, a MTO to all minority shareholders of Ashaka Cement has now commenced.

The MTO, which opened on 10 December 2014, is expected to end on January 16, 2015.

According to Lafarge Africa, the offer is made to all minority shareholders who hold ordinary shares representing 41.39% of the issued share capital of Ashaka Cement Plc.

Lafarge Africa Plc is expecting to effect full settlement to qualifying shareholders no later than 14 days after the closure date.

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