Lafarge Africa to divest 35% stake in Ghana Continental Blue
By Samuel Bankole
Nigeria’s second biggest cement producer by volume, Lafarge Africa on Thursday said it plans to divest its 35 percent stake in Continental Blue Investment Ghana.
In a regulatory filing to the Nigerian Stock Exchange (NSE), the decision toe divest from the Ghana based firm was taken at the meeting of Lafarge board on Wednesday.
Last year, Lafarge Africa sold off its South African unit in a deal estimated to be worth $316.2 million in a bid to pay off debt of $293 million arising from a foreign currency loan.
Continental Blue Investment Ghana Limited is located in Tema, Ghana and is part of the Cement & Concrete Product Manufacturing Industry.
The company has 400 employees at this location and generates $69.13 million in sales.
Details of Lafarge regulatory filing on Thursday:
“Pursuant to the emergency meeting of the Board of Lafarge Africa Plc (“Lafarge Africa” or “the Company”) held today, Wednesday, 20th January 2021, the Board resolved and hereby notifies the Nigerian Stock Exchange (“the NSE”) of its decision to divest its 35% shareholding in Continental Blue Investment Ghana Limited (“CBI Ghana”).”