By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- Lafarge Africa Plc, formerly Lafarge Cement WAPCO Nigeria Plc said on Wednesday its unit, Nigerian Cement Holdings B.V. (NCH) has increased its stake in United Cement Company of Nigeria (UNICEM) to 85 percent by acquiring another 15 percent stake.
Nigerian Cement Holding’s 50 percent stake in Lafarge Africa has an initial 70 percent share interest in UNICEM, “and upon this acquisition, NCH has now increased its stake to 85 percent,” Lafarge said in an issuer’s announcement with the Nigerian Stock Exchange (NSE).
Lafarge on November 18, 2014 notified the NSE that Nigerian Cement holding 50 percent stake of Lafarge Africa has entered into an agreement with FMN Cement Industries Limited, a wholly owned subsidiary of Flour Mills of Nigeria Plc. to acquire its 30 percent investment in UNICEM.
Lafarge had said in pursuant to the agreement, the first tranche of 15 percent will be acquired in 2015, while the second tranche of 15 percent will be acquired on or before February 2016.
Meanwhile, the board of Lafarge Africa has notified the NSE it will hold its meeting on Wednesday, 11 March 2015 and among items to be considered at the meeting is dividend payable to its Shareholders in respect of the year ended 31 December 2014.
