LAFARGE SELLS SOUTH AFRICAN SUBSIDIARY

The disclosure notice reads, “The closing meeting therefore brings to a conclusion the divestment of Lafarge Africa Plc (“the Company”) from LSAH,” adding that, the company as approved by shareholders at the last Annual General Meeting, the agreed sale price of US$316,289,060.55 was utilized to settle the entire principal (US$ 293,000,000) and accrued interest to 31st July, 2019 (US$23,289,060.55) on the Inter Company loan owed to Caricement BV (Purchaser).

Penpushing further reports that, the company with this set-off, it does not have any foreign currency debt on its books with the only debt being the N33.6 billion corporate bond due for redemption in June 2021.

The company said in addition has another outstanding N16.0 billion on Central Bank Of Nigeria Intervention loans through the Bank of Industry, while it is recalled that, Larfage earlier  in June, said the sale was expected to enhance the value of shareholders’ investments, which was of utmost importance to the board.

Penpushing also reports that, the company  said following the conclusion of the sale, its shareholder loan of $293 million would be completely extinguished