QUICK TAKE: Lafarge Africa Plc Divests 35% shareholding in Continental Blue Investment Ghana Ltd

In a surprising development earlier today, Lafarge Africa Plc announced that its Board of Directors have decided the company should divest its 35% shareholding in Continental Investment Ghana Ltd.

According to a public disclosure that was signed by the Company Secretary (Mrs Adewunmi Alode) as seen on the Nigerian Stock Exchange website, the decision to divest was made during an emergency Board meeting that held yesterday, January 20, 2021. No reason was given for the sudden decision.

“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% shareholding in Continental Blue Investment Ghana Limited (“CBI Ghana”),” the statement by Lafarge Africa Plc said.

https://atomic-temporary-203083154.wpcomstaging.com/2021/01/08/about-nse-demutualisation/

Note that Lafarge Africa Plc is a leading cement manufacturer in Nigeria and Africa as a whole. The company, which was listed on the Nigerian Stock Exchange on the 17th of February 1979, is currently one of the most capitalised firms on the bourse with a market capitalisation of N426.86 billion. The share price is currently trading at N26.50.