Lafarge Africa Plc has notified the Nigerian Stock Exchange of the decision of the Board of the Company to merge United Cement Company of Nigeria Limited and Atlas Cement Company Limited.
Edith Onwucheka (Mrs) the company’s secretary and legal director made this known in a statement on Wednesday.
UniCem and Atlas are wholly owned subsidiaries of Lafarge Africa, with the Company holding 100% of the equity in both companies.
According to the company, the merger will enable Lafarge Africa to take advantage of benefits arising from various synergies as well as benefit from efficiencies arising from streamlining the operations of UniCem and Atlas.
“The Company will continue to efficiently service its large, diversified customer base”, the statement stated.
“UniCem and Atlas will be merged with Lafarge Africa, by way of a Court sanctioned Scheme of Merger.
“The Company has received the Securities & Exchange Commission’s Approval-in-Principle to the Scheme of Merger.
“An application will be submitted imminently to the Federal High Court, in respect of obtaining an Order to convene the respective meetings of shareholders of Lafarge Africa, Unicem and Atlas”.
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