Lafarge Africa Plc has said it has increased its stake in Unicem Cement.
The company, in a notice sent to the Nigerian Stock Exchange (NSE) in Lagos, said that further to its announcement in March 2015 that Nigerian Cement Holdings B.V. (NCH), a 50 per cent affiliate of Large Africa Plc, it has completed the acquisition of the first 15 per cent tranche stake in Unicem, bringing NCH's stake in Unicem to 85 per cent.
According to Lafarge Africa, NCH has completed the acquisition of the second and final tranche of 15 per cent of equity interest of Flour Mills of Nigeria Cement Industries in UNICEM. Accordingly, NCH now owns 100 per cent of Unicem and consequently Lafarge Africa Plc now owns 50 per cent of the equity of Unicem.
Unicem's operational office is located in Calabar and its manufacturing plant is in Mfamosing, both in Cross Rivers State. It currently has a cement production capacity of 2.5Mtpa and is developing a second production line of 2.5Mtpa.
© Pakistan Press International, source Asianet-Pakistan