An affiliate of Lafarge Africa has completed a 100 percent acquisition of Nigeria’s third-largest cement manufacturer United Cement Company of Nigeria (UNICEM), the local unit of the French cement maker said on Monday.
Lafarge did not disclose the purchase price. It said its affiliate Nigerian Cement Holdings (NCH), owned a 70 percent equity in UNICEM before agreeing a deal last November to buy the remaining 30 percent stake from Flour Mills .
UNICEM cement plant, which is located in Cross Rivers, southeast Nigeria, with a production capacity of 2.5 million tonnes was undergoing an expansion to 5 million tonnes to be completed next year, it said in a filing with Nigeria’s bourse.
Shares in Lagos-listed Lafarge Africa shed 0.51 percent on Monday to 98 naira, outperforming a weaker index which fell 0.6 percent. (Reporting by Chijioke Ohuocha, editing by David Evans)
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