Larfarge Africa, has announced the subscription for its right issue of N131.65 billion. Informing the dealing members through a note to the Nigerian Stock Exchange (NSE), the company announced the Rights Issue of 3,097,653,023 ordinary shares of 50 Kobo each at the offer price of N42.50 per share on the basis of five new ordinary shares for every nine ordinary shares held as at November 1, 2017.
The trading in the Rights of Lafarge Africa Plc will commence on Monday, 27 November 2017. This, according, to the company, was due to the company’s delay in communicating the Securities and Exchange Commission (SEC) approval to The Exchange for the creation of code.
It will be recalled that shareholders and board of the top cement producer had approved by way of Rights issue the raising of fresh funds of N131.65 billion in September.
Lafarge said this in a notice to the Nigerian Stock Exchange (NSE) of the decision of the board of the company taken on September 26, 2017, in respect of the proposed Rights Issue.
According to the cement producer, the Rights goes for N42.50 per share, by issuing five new shares for every 9 shares held by shareholders, at the Qualification Date, which is yet to be announced.
“The Rights Price represents a 17.44 percent discount on Lafarge Africa’s traded closing price as at Friday September 22, 2017. The regulatory approval process is on-going,” Lafarge said.