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South African divestment, rights issue boost Lafarge Africa by N239bn

By Dave Oso

LAFARGE Africa Plc’s financial position has been strengthened by about N239 billion as a result of its recently concluded fully subscribed rights issue as well as the divestment from its South African operations.

Lafarge
Lafarge

In a statement issued in Lagos by Michel Pucheros, CEO, Lafarge Africa, the company said the construction industry in South Africa still remained subdued with net sales down 2.1 percent in Q2 2019 despite price increase.

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He added that the rights issue and divestment will strengthen the company’s balance sheet and significantly reduce financing costs. The CEO said although net sales dropped marginally by 1.2 percent in H1, 2019 to N160.3 billion from N162.3 billion, continuous focus on cash cost reduction, which is an outlook for the 2019 financial year, will drive operational performance.

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