Lafarge Africa PLC [WAPCO:NL], a major competitor to Dangote Cement PLC [DANGCEM:NL] has shifted the date of its all awaited annual general meeting as a result of the company’s plan to review “a corporate action”.
According to a press release made available by the company on the website of the Nigeria stock exchange, by the company’s secretary, Uzoma Uja: “our Board of Directors is in the process of reviewing a corporate action which has meant that we have to shift our earlier notified date for the AGM. Kindly be informed that the AGM will now hold on Monday, 27th June 2016 at Zinna-Jasmine Hall, Eko Hotels & Suites, Victoria Island, Lagos (same venue) and the register of shareholders and transfer books will be closed from Thursday, 16th June 2016 to Wednesday 22nd June, 2016 both dates inclusive to allow for the payment of dividend and issuance of bonus shares on Monday, 27th June, 2016,”.
The new date for the AGM is “The revised Notice of the AGM containing details on the dividend payment and bonus issuance as will be forwarded in due course for your approval before it is published”
The company used the opportunity to inform shareholders of what they should expect as per dividend payouts “Notice of the AGM will contain same information on dividend payment and bonus share issue as earlier notified to the NSE i.e dividend payment of N3.00 per share net of any applicable tax and a bonus share of 1 for every 10 shares held by shareholders whose names appear on the Register of members as on the date the Register is closed.”
Facing a Prime Enemy
Lafarge is a prime competitor to Dangote Cement PLC, a bigger company. Return on stock investment for Lafarge has fallen by -14.57% year to date. The company is a member of LafargeHolcim Group as a result of its merger in 2015, a deal estimated at USD 40 billion.
For unknown reasons, Lafarge has changed two CEOs within eight months. Michel Puchercos took over from Peter Hoddinott in March 31, 2016. Peter Hoddinott resigned his appointment and no reason was sighted by the company.
Lafarge is under pressure to compete with Dangote Cement, Aliko Dangote, the latter’s Chairman recently received USD 2 billion from ICBC of China to build more cement factories in Nigeria. Lafarge Africa’s 2015 full year pre-tax profits slipped by 27.5% to NGN 29.27 billion, as against NGN 40.36 billion in 2014. The company’s gross revenue only grew by 2.4% to N 267.23 billion in 2015, as against N 260.81 billion in 2014 full year.
Featured image: Financial Nigeria
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