Lafarge Africa To Sell 35% In CBI Ghana
Lafarge Africa Plc has disclosed that it would divest 35 per cent of its shares in Continental Blue Investment Ghana Limited.
The company secretary, Adewunmi Alode the divestment is one of the resolutions at a recent board meeting.
The statement read in part, “Pursuant to the emergency meeting of the Board of Lafarge Africa Plc (“Lafarge Africa” or “the
Company”) held today, Wednesday, 20th January 2021, the Board resolved and hereby notifies
the Nigerian Stock Exchange (“the NSE”) of its decision to divest its 35 per cent shareholding in
Continental Blue Investment Ghana Limited (“CBI Ghana”).”
Lafarge a top player in the industrial good segment of the Nigerian Stock Exchange, did not give reasons for the policy decision but it is believed the move is to cut down on cost.
Lafarge Africa had in August 2019, announced the sale of all its shares in Lafarge South Africa Holdings (LSAH).
In its Q3 2020 Unaudited results for the period ended September 30th, 2020, Revenue rose by 10.3 per cent to N180bn from N163bn in the previous quarter.
It’s profit before tax surged by 37.1 per cent to N28.2bn, while Profit after tax however declined by 76.5 per cent to N28.2bn.
The company also recorded a strong Q3 2020 sales growth of 31 per cent year on year to N59.3bn. Unit volume year on year growth was primarily responsible for sales improvement.
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