Lafarge Africa Plc has announced that the N140 billion rights issue proposed by the company’s directors would help reduce its debt profile.
Chairman of the company, Bolaji Balogun, told shareholders at an investors’ forum in Lagos, that asides reducing its debt, the rights issue is a right step towards solving its foreign currency exposure.
Balogun explained that its largest shareholder, Lafarge Holcim, has expressed commitment to subscribe to the rights through a conversion of existing loans.
