Lafarge increases stake in Ashaka Cement, Nigeria

Lafarge increases stake in Ashaka Cement, Nigeria
Published: 22 June 2011

As part of its efforts to enhance cement production in the country, Lafarge has acquired additional shareholding in Ashaka Cement by increasing its stake in the company from 50.16 per cent to approximately 58.6%.

Commenting on the development, Lafarge Nigeria Country Manager Jean-Christophe Barbant said: “This move confirms our belief in the potential of AshakaCem and reinforces our commitment to the economic development of Nigeria. Lafarge is here for the long term.”

Continuing, he said, “Lafarge will continue investing more time and expertise in further supporting AshakaCem’s leadership in the North of Nigeria – for example enhancing service for customers, increasing production volumes to meet the growing demand for cement, delivering additional value for shareholders and further developing the skills of our employees.”

Barbant, further disclosed that the acquisition has been made known to the Nigerian Stock Exchange (NSE) and the Securities & Exchange Commission (SEC)) in line with Rule 111 of the Investment Securities Act.