Lafarge Africa plans to seek shareholders’ approval next month to raise 140 billion naira ($445.86 million) and also convert some loans into equity as part of the capital injection, the company said on Monday.
The local business of Lafarge Holcim said it will seek approval to convert loans due from a shareholder to equity under the rights issue.
According to ProShare, an online financial news portal, ” It was stated in the press release that the RI will be offered at such price, time, and on such other terms as the directors of the company may deem fit. The amount to be raised, if applied to LAFARGE’s last traded price of N49.60, equates to new 2.8 billion ordinary shares that would be offered to existing shareholders of the company.
“This potentially increases the overall outstanding shares of LAFARGE to 8.3 billion (from 5.5 billion).
“However, considering the minimum period it takes (about three months) to conclude a capital raise via Rights Isue, using the stock’s current market price to estimate the potential additional shares resulting from the offer may not be a fair representation.
With Agency Report
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