Lafarge Africa to sell off 35% stake in CBI

THE board of Lafarge Africa Plc has made a decision to sell off the company’s stake in Continental Blue Investment (CBI) Ghana Limited.

The cement maker has a 35 per cent stake in CBI Ghana, a company involved in the manufacturing and processing of non-precious minerals and building material in the West African nation.

On Wednesday, the company held an emergency meeting where it informed the investing community that it has been agreed that the divestment from CBI Ghana should go ahead.

“Pursuant to the emergency meeting of the board of Lafarge Africa held [on] WednesdayJanuary 20, 2021, the board resolved and hereby notifies the Nigerian Stock Exchange (NSE) of its decision to divest its 35 per cent shareholding in Continental Blue Investment Ghana Limited,” a notice signed by Mrs Adewunmi Alode, the General Counsel/Company Secretary, disclosed.

“As at December 31, 2019, the carrying amount of the company’s investment in CBI Ghana has been fully depleted, as the losses reported over the years exceeded the carrying amount of the investment,” the financial results of Lafarge Africa pointed out.

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