By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Holcim Ltd,  one of the world’s leading suppliers of cement and aggregates said on Thursday its rejecting  a proposal of its shareholder Eurocement to elect Filaret Galchev to the board of directors of LafargeHolcim.

According to Holcim, it received the proposal after the announcement on Tuesday morning, April 14, 2015, of the names of the candidates proposed to join the board the combined entity after closing. “The board of directors will comprise 14 members, seven (7) each designated by Holcim and Lafarge.

“This proposal came too late to be considered by the board of directors of Holcim for inclusion into the agenda of the Extraordinary General Meeting on May 8, 2015,” the company said.

The world’s leading suppliers of cement and aggregates said EGM will take place as planned with the announced agenda items, in order to allow for a public exchange offer for the shares of Lafarge to be closed before summer break.