Calabar: Lafarge Africa Acquires UNICEM

In Breaking News, Business & Economy, National News, Reports

By Lauretta Akpan

lafarge unicem

Lafarge Africa Plc notified The Nigerian Stock Exchange that Nigerian Cement Holdings B.V. (NCH), a 50% affiliate of Lafarge Africa Plc, has completed the acquisition of the second and final tranche of 15% of equity interest of Flour Mills of Nigeria Cement Industries in UNICEM.

The company in March acquired first 15% tranche stake in UNICEM, bringing NCH’s stake in UNICEM to 85%, NCH.

Accordingly, NCH now owns 100% of UNICEM and consequently Lafarge Africa Plc now owns 50% of the equity of UNICEM.

Lafarge Africa stated that UNICEM’s operational office is located in Calabar and its manufacturing plant in Mfamosing, Cross Rivers State.

It currently has a cement production capacity of 2.5Mtpa and is developing a second production line of 2.5Mtpa.

The second production line is targeted to be commissioned in 2016 to bring UNICEM’s total production capacity to 5.0Mtpa.

The board of Lafarge Africa Plc had in November 2014 approved the initial agreement by NCH to buy out minority stake in UNICEM and make the Calabar-based cement company a wholly-owned subsidiary of NCH.

Regulatory filing obtained from the Exchange at the time had shown that the acquisition was expected to be fully consummated on or before February 2016.

NCH had earlier that month entered into an agreement with Flour Mills of Nigeria, defining a roadmap to the purchase of Flour Mills’ 30 per cent investment in Unicem.

The transaction had been priced within a range of between N47bn and N55bn, depending primarily on the effective dates of payment and prevailing dollar-Naira exchange rate at the time of payment.

Since You Are Here, Support Good Journalism

CrossRiverWatch was founded on the ideals of deploying tech tools to report in an ethical manner, news, views and analysis with a narrative that ensures transparency in governance, a good society and an accountable democracy.

Everyone appreciates good journalism but it costs a lot of money. Nonetheless, it cannot be sacrificed on the altar of news commercialisation.

Consider making a modest contribution to support CrossRiverWatch's journalism of credibility and integrity in order to ensure that all have continuous free access to our noble endeavor.


New Feature: Don't miss any of our news again.Get all our articles in your facebook chat box.Click the Facebook Messenger Icon below to subscribe now

Text Advert by CRWatch :Place Yours

Will You To Learn How To Make Millions Of Naira Making Special Creams From Your Kitchen?.Click Here

Expose Your Business And Make More Sales. Advertise On Today

You may also read!

River Basin Authority Deserts Farm, Irrigation Projects In Cross River, Akwa Ibom

By Emmanuel Unah, Vanguard Newspaper Workers of Cross River Basin Development Authority, CRBDA, have revealed that nothing was planted


Paris Club: FG Reimburse Bayelsa, Rivers While Cross River, Ondo, Osun Waits

By Patrick Obia Bayelsa State has received NGN27 billion as part of refund from the Federal Government for federal


Finally, Buhari Replaces Service Chiefs

By CrossRiverWatch Admin President Muhmmadu Buhari has replaced the Service Chiefs with immediate effect. Femi Adesina, presidential spokesman, broke


Leave a reply:

Your email address will not be published.

Mobile Sliding Menu

Share this now