Shareholders of Lafarge Africa Plc at the company’s extraordinary general meeting (EGM) held in Lagos approved the proposals by the Board to raise N90 billion via a Rights Issue and the restructuring of its outstanding short-term $315 million shareholder loans.

Speaking at the EGM, Chairman of the Board of Directors of Lafarge Africa, Mr Mobolaji Balogun, said that the additional capital to be raised would further help to deleverage the company’s balance sheet and provide headroom for the expansion of our business.

According to him, the company foresees a stable pricing environment and favourable economic conditions in its Nigeria market while its South Africa operations are undergoing a turnaround plan.

Commenting on the company’s refinancing plan, the Chief Executive Officer, Michel Puchercos, said that the move was aimed at preparing for future development in Nigeria, improving the company’s leverage and its profitability.