Nigeria: Senate summons Lafarge Africa Plc over alleged divestment of shares
The Senate Committee on Capital Market, under the leadership of the Senator representing Imo West, Osita Izunaso, on Wednesday resolved to summon Lafarge Africa Plc over the speculated plan to divest the 83.8% majority shares it controls in the cement company.
Checks revealed that the Senate had, last March, held an interactive session with the management of the Securities and Exchange Commission (SEC), Bureau of Public Enterprises (BPE), and the Federal Competition and Consumer Protection Commission (FCCPC) on the alleged planned sale of Lafarge Africa Plc to Chinese investors.
In his submission on Wednesday, the Director General of SEC, Emmanuel Agama, represented by the Director of Securities and Investment Services, Abdulkafir Abbas, said the SEC has not received any formal filing regarding the proposed divestment of the majority shareholding in Lafarge Africa Plc.
He, however, clarified before the Senate Committee that the SEC was notified of an internal restructuring involving Holcim Group, the majority shareholder in Lafarge Africa Plc.
'Holcim Group holds 83.81% of Lafarge Africa Plc's issued share capital through the following wholly owned entities:
'As part of the internal restructuring, the 27.77% equity stake held by Associated International Cement Limited was transferred to another Holcim-owned entity, Davis Peak Holdings Limited.
'There has been no change in the ultimate beneficial ownership of the shares as a result of this transaction.
'In light of the foregoing, the Commission wishes to clarify that no formal filing has been made with respect to any proposed sale of Lafarge Africa Plc to Chinese investors.'
Satura Aisha Bello, Director, Post Transaction, in the Bureau of Public Enterprises, told the committee that the shares Lafarge Africa Plc wants to divest belong to the company and not the 16.19% shares held by Nigerians.
She further explained that Lafarge, quoted on the stock exchange, holds 83% of the total shares of the three federal government-owned cement companies sold to it in 2001 and 2002, and has not in any way tampered with the 16.19% share meant for Nigerians.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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