Lafarge Africa reaches its highest level in three weeks following the sale of its South African subsidiary.

Lafarge Africa has concluded an agreement to sell 100% of the stakes held by the company in Lafarge South Africa Holdings (LSAH) to Caricement B.V., an indirect subsidiary of LafargeHolcim, for an amount of $316 million. This transaction will result in the full repayment of intra-group loans owed to LafargeHolcim by Lafarge.

LAGOS (Reuters) – Shares in Lafarge Africa rose 9.95% to reach a three-week high on Thursday, after the cement manufacturer announced the sale of its loss-making operations in South Africa.

The shares of the local subsidiary of the Franco-Swiss group LafargeHolcim, listed in Lagos, climbed to 10.50 nairas, outperforming the Nigerian All Share Index, which declined by 0.02%.

Article sources: Businessday.ng & Reuters