AshakaCem Plc Announces Completion of Mandatory Tender Offer and Changes to the Board
The Board of Ashakacem Plc today announced the successful completion of its Mandatory Tender Offer to minority shareholders. Majority of the shareholders accepted the offer and converted their Ashakacem Plc shares to Lafarge Africa Plc shares. Through this process, the shareholders will tap into the value proposition provided by the benefit of the transaction.
Lafarge Africa Plc considers this successful transaction already approved by the Securities and Exchange Commission (SEC) as a significant milestone for all shareholders, within the context of very strong Lafarge Africa Plc operations providing innovative and market leading building solutions. Sequel to this successful transaction, the Company also announced changes to its Board composition following notification to the Nigerian Stock Exchange.
Commenting on the completion of the transaction, the outgoing Chairman of Ashakacem Plc, Alhaji Umaru Kwairanga stated that ‘'With this milestone transaction, it is with a strong sense of accomplishment with the support of the Board and key stakeholders that l wish to move on to a new responsibility within the Lafarge Group and continue to support Group objectives, including its ambitious development plan. I seize the opportunity to wish the new Board led by Chairman, Alhaji Suleiman Yahyah and the other Board members continuous success in their endeavors and l want to thank one more time my fellow colleagues on the Board for their unabated support.''
Also commenting, the new Chairman of Ashakacem Plc, Alhaji Suleiman Yahyah OON affirmed his commitment for the opportunity to continue the business objectives of the Company in line with best practices. He stated that ‘'The completion of the MTO gives the company the opportunity to improve and expand in a sustainable manner with strong commitment to long term profitability to shareholders and continued contribution to the socio-economic development of North-East Nigeria.