Ashakacem completes MTO

Ashakacem has successfully completed its Mandatory Tender Offer (MTO) to minority shareholders. The majority of shareholders accepted the offer, converting their shares to Lafarge Africa Plc shares. The transaction has already received the approval of the Securities and Exchange Commission. Following the announcement, the company also announced some changes to the board.

Commenting on the completion of the transaction, the outgoing Chairman of Ashakacem Plc, Alhaji Umaru Kwairanga, stated: “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. “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,” he said.

Adapted from press release by Katherine Guenioui

Read the article online at: https://www.worldcement.com/africa-middle-east/18032015/ashakacem-completes-mto-536/