Lafarge Africa grows profit to N37bn
Lafarge Africa Plc has reported a N37 billion profit after tax (PAT) for its 2014 financial year. A statement from the company says the figure represents an eight per cent leap over that of the prior year after adjusting for one-offs in 2013. Recall that the leading cement and building solutions provider posted N61 billion PAT during its 2013 fiscal year.
The statement adds that the operations of United Cement Company Ltd (UNICEM) were included on an equity basis in the fourth quarter, stating that N49 billion was generated from the operations. Meanwhile, its board of directors, at its meeting on Wednesday, March 11, 2015, proposed a dividend of N3.60 for shareholders approval, representing a nine per cent increase over the N3.30 paid prior in 2013.
Commenting on the results, its Group Managing Director/Chief Executive Officer, Mr. Guillaume Roux, said the company has shown impressive performance.
His words: “Our business combination plans have been well executed within set timelines. We are committed to improving operational performance by leveraging on opportunities this presents to us to deliver sustainable returns to our shareholders.”
In his statement, the Chairman of the company, Chief Olusegun Osunkeye, said “it is with pleasure that we publish the first audited results of our newly transformed company. The good performance even in a volatile market affirms the strength of our new company and our commitment to achieving excellence.”
Lafarge Africa Plc, formerly known as Lafarge Cement Wapco Nigeria Plc, is a combination of all Lafarge’s Nigerian operations (AshakaCem Plc, UNICEM, Atlas Cement Company Limited) and Lafarge South African Holdings Limited assets in order to create a stronger platform for growth in sub-Saharan Africa, with value-creating opportunities. The transaction was concluded in September 2014.
On November 7, 2014, Nigerian Cement Holdings B.V. (NCH), a 50 per cent affiliate of Lafarge Africa Plc, entered into an agreement with Flour Mills of Nigeria, defining a roadmap to purchase Flour Mills of Nigeria’s 30 per cent investment in UNICEM (the third largest cement manufacturer in Nigeria). The company said the first phase of the acquisition,15 per cent, was completed recently.
“In accordance with Section 131(1)(a) of the Investments and Securities Act, 2007, Lafarge Africa is required to make a Tender Offer to all other shareholders of AshakaCem Plc. Consequently, the Board of Lafarge Africa granted approval for a Tender Offer to be made to all qualifying shareholders of AshakaCem Plc.
The Mandatory Tender- Offer to all other shareholders of AshakaCem Plc, following receipt of the requisite regulatory approvals.
Under the terms of the The Mandatory Tender-Offer (MTO), already approved by the regulators, qualifying shareholders who accepted the offer were allotted 57 ordinary shares in Lafarge Africa for every 202 ordinary shares in AshakaCem Plc tendered. An additional cash payment of N2 per every ordinary share of AshakaCem Plc purchased by Lafarge Africa during the acceptance period was also made to accepting shareholders.
The acceptance period for the tender offer opened on December 10, 2014 and closed on January 23, 2015 following an extension of five working days to the offer
The statement adds that the operations of United Cement Company Ltd (UNICEM) were included on an equity basis in the fourth quarter, stating that N49 billion was generated from the operations. Meanwhile, its board of directors, at its meeting on Wednesday, March 11, 2015, proposed a dividend of N3.60 for shareholders approval, representing a nine per cent increase over the N3.30 paid prior in 2013.
Commenting on the results, its Group Managing Director/Chief Executive Officer, Mr. Guillaume Roux, said the company has shown impressive performance.
His words: “Our business combination plans have been well executed within set timelines. We are committed to improving operational performance by leveraging on opportunities this presents to us to deliver sustainable returns to our shareholders.”
In his statement, the Chairman of the company, Chief Olusegun Osunkeye, said “it is with pleasure that we publish the first audited results of our newly transformed company. The good performance even in a volatile market affirms the strength of our new company and our commitment to achieving excellence.”
Lafarge Africa Plc, formerly known as Lafarge Cement Wapco Nigeria Plc, is a combination of all Lafarge’s Nigerian operations (AshakaCem Plc, UNICEM, Atlas Cement Company Limited) and Lafarge South African Holdings Limited assets in order to create a stronger platform for growth in sub-Saharan Africa, with value-creating opportunities. The transaction was concluded in September 2014.
On November 7, 2014, Nigerian Cement Holdings B.V. (NCH), a 50 per cent affiliate of Lafarge Africa Plc, entered into an agreement with Flour Mills of Nigeria, defining a roadmap to purchase Flour Mills of Nigeria’s 30 per cent investment in UNICEM (the third largest cement manufacturer in Nigeria). The company said the first phase of the acquisition,15 per cent, was completed recently.
“In accordance with Section 131(1)(a) of the Investments and Securities Act, 2007, Lafarge Africa is required to make a Tender Offer to all other shareholders of AshakaCem Plc. Consequently, the Board of Lafarge Africa granted approval for a Tender Offer to be made to all qualifying shareholders of AshakaCem Plc.
The Mandatory Tender- Offer to all other shareholders of AshakaCem Plc, following receipt of the requisite regulatory approvals.
Under the terms of the The Mandatory Tender-Offer (MTO), already approved by the regulators, qualifying shareholders who accepted the offer were allotted 57 ordinary shares in Lafarge Africa for every 202 ordinary shares in AshakaCem Plc tendered. An additional cash payment of N2 per every ordinary share of AshakaCem Plc purchased by Lafarge Africa during the acceptance period was also made to accepting shareholders.
The acceptance period for the tender offer opened on December 10, 2014 and closed on January 23, 2015 following an extension of five working days to the offer
No comments:
Post a Comment