The Board of Directors of Lafarge Africa Plc has approved and authorised the company to undertake a business combination/merger with United Cement Company of Nigeria Limited (Unicem) and Atlas Cement Company Limited (Atlas). The board decision which was taken on the 4th of August was communicated to the Nigerian Stock Exchange (NSE) yesterday by the Company Secretary, Edth Onwuchekwa.
The board directed the management to enter into an agreement and do all that is necessary to negotiate and implement the merger between Unicem, Atlas and Lafarge. It equally directed the management to seek the approval of the Securities and Exchange Commission (SEC) and all other relevant regulatory bodies in furtherance of the implementation of the merger.
Lafarge Africa is a leading sub-Saharan Africa building materials company and a subsidiary of Lafarge Holcim, a world leader in building materials.
Lafarge Africa to merge with Unicem, Atlas
Listed on the Nigerian Stock Exchange (NSE) with a presence in Africa’s two largest economies, Nigeria and South Africa, Lafarge Africa is actively participating in the urbanisation and economic growth of the continent.
On the other hand, Unicem is one of the leading brands in the Eastern region of Nigeria, with an installed capacity of 5 million metric tonnes (mmt). It has track record of quality, consistency and exhibits excellent strength performance at all ages.
Atlas Cement Company Limited, is engaged in bagging, selling, distribution and dealing in cement products. The company was incorporated in 1999 and is based in Port Harcourt, Nigeria.