Shareholders of Ashaka Cement Plc have 90 days to decide on the various options to exit the company or retain their shareholdings in an unlisted company as the Gombe-based cement firm is set delist its shares from the Nigerian Stock Exchange (NSE). Shareholders, at an extraordinary general meeting (EGM) on Monday in Abuja approved the resolutions proposed by the directors for a voluntary delisting from the NSE.
With the approval, shareholders will now have a 90-day window to decide on the exit plan on offer – in line with the requirements of the NSE on voluntary delisting. Onwuchekwa said AshakaCem will continue to operate as a legal entity with its own board of directors after the voluntary delisting. Directors of the company said the voluntary delisting and full integration of Ashaka Cement as subsidiary of Lafarge Africa will offer minority shareholders many benefits, including revenue diversification by geography as a result of Lafarge Africa’s operations in Nigeria, South Africa and Ghana.
They added that shareholders also stand to benefit from revenue diversification by plant location due to wide spread operations across the Northeast, Southeast and Southwest regions of Nigeria. Following the consolidation of Lafarge’s businesses in Nigeria and South Africa into Lafarge Africa, Lafarge Africa had acquired 58.61% majority equity stake in Ashaka Cement. The majority equity stake was previously held by Lafarge Nigeria (UK) Limited.
