Lafarge Africa joins trillion-naira club as shares soar amid Holcim-Huaxin deal

Lafarge Africa Plc has joined the exclusive club of listed companies with at least N1trn market value on the Nigerian Exchange as its share price jumped by 10 percent on Monday.

The upturn followed the announcement of a proposed acquisition of the company’s major stake by Huaxin Cement, based in China.

The company saw its market capitalisation rise to N1.03 trillion on Monday, with a share price of N63.8.

Lafarge Africa said in a statement on Sunday that Huaxin Cement entities have agreed to acquire the 83.81% shareholding owned by Holcim Group, which merged with Lafarge Group in 2014.

“This transaction is subject to regulatory approvals and is expected to close in 2025,” it said. “Following completion of this transaction, Lafarge Africa Plc will remain listed on NGX and, subject to regulatory approvals, Huaxin Cement intends to launch a mandatory takeover offer in compliance with applicable laws and regulations.”