Stock Hits All-Time High as Lafarge Africa Reaffirms Commitment to Nigeria
Stock market price hits all-time high during intraday trading session as Lafarge Africa Plc has reaffirmed commitment to the Nigerian market following notice of divestment by Holcim, a Swiss parent company.
Ticker: WAPCO hit a 52-week high of N76.95 per share this after investors continue to increase their stakes ahead of the mandatory takeover offer from the new majority shareholder. Trading data showed seven days ago, WAPCO was priced at N53.
On December 1, 2024, the Holcim Group announced that it had signed an agreement to sell its 83.81% shareholding in Lafarge Africa Plc to Huaxin Cement Ltd.
This marks a significant milestone, heralding a new chapter for Lafarge Africa to deepen its impact and reinforce its position as a key contributor to Nigeria’s economic and infrastructure development.
”This development will further solidify Lafarge Africa’s position as a leading contributor to Nigeria’s infrastructure and economic growth. Nigeria’s market holds vast potential with its positive growth indices, increasing urbanization, and infrastructure demand. We remain committed to leveraging these opportunities while maintaining our focus on sustainability and innovation.” said Gbenga Oyebode, Chairman, Lafarge Africa Plc.
Huaxin Cement, poised to acquire Holcim’s stake, expressed its optimism about this development. “We look forward to welcoming Lafarge Africa into the Huaxin family of companies. We are excited to learn more about Nigeria and Lafarge Africa; its people, culture and the market for building materials.
“Leveraging the knowledge and experience of the management and staff of the company, combined with our experience gained from the operation of more than 60 cement plants, and other businesses, in 12 countries – including 7 in Africa – we will devise plans for the further growth of Lafarge Africa.
“Together, we will build on the proud and long history of Lafarge Africa and will honor its legacy by bringing it to the next level of development,” said Mr. Xu, Vice President of Huaxin Cement Co. Ltd.
Lolu Alade-Akinyemi, CEO of Lafarge Africa Plc, reaffirmed the company’s commitment to Nigeria: “Our journey in Nigeria for the past 65 years has been one of resilience, collaboration, and consistent growth. Our market position and long-term market potential are promising.
“This transition provides an opportunity for Lafarge Africa to continue growing and evolving, supported by the investment and global expertise of Huaxin Cement Ltd. We will remain steadfast, delivering value to our customers, sustaining our upward momentum, and ensuring a smooth transition for everyone.”
Lafarge Africa remains committed to sustainability, innovation, and creating shared value for its stakeholders. The leading building solutions company is confident that this transition marks the beginning of an exciting phase of growth for the company. Energy Transition: Nigeria to Focus on Africa for Oil – Minister
