Ashaka Cement stake changes hands

Lafarge Group has sold 58.61 per cent of its stakes in Ashaka Cement Plc to Lafarge Africa Plc in a deal valued at NGN41bn (US$252m).

Lafarge sold 1.3bn ordinary shares of its Ashaka Cement at NGN30.95 each. The sale follows the company's decision to merge its Nigerian and South African assets into a single unit, Lafarge Africa Plc.

In creating Lafarge Africa, the group will sell the entirety of its 72.4 per cent stake in South African unit while relinquishing control of equity stake in Ashaka Cement Plc, Atlas Cement Company Ltd and United Cement Company of Nigeria Ltd to Lafarge Wapco for US$200m and the 1.4 billion shares.

Lafarge owns 35 , 58.61 and 100 per cent of United Cement, Ashaka Cement and Atlas Cement respectively.

In July, Lafarge Nigeria informed the Nigerian bourse that it had changed its name to Lafarge Africa Plc after it securing shareholders' approval that month.