ZURICH May 10 Cement group LafargeHolcim
will take part in a capital increase by Nigeria-based
Lafarge Africa to avoid diluting its nearly 73
percent stake, it said on Wednesday.
Lafarge Africa said this week it wants to raise 140 billion
naira ($460 million) in fresh equity and convert some loans into
shares as part of a planned rights issue after it reported
losses last year.
A company spokesman in Switzerland said the parent's stake
was around 72.6 percent, adding "we do not expect to be
The process will be launched once shareholders have approved
the transaction at the annual meeting in June and is expected to
be finalised by October at the latest, he added.
The move aimed to reduce dollar-denominated debt exposure
and simplify the ownership structure in Nigeria.
($1 = 304.6500 naira)
(Reporting by Oliver Hirt, Writing by Michael Shields; Editing
by Elaine Hardcastle)