19 May 2018, Sweetcrude, Abuja – For increasing value on investment through dividend payout, shareholders of cement manaufacturing company, Lafarge Africa Plc, has commended the board for its 2017 performance, as they approve a total N13.01 billion dividend.
The dividend of N1.50 kobo per share paid represents 45kobo increase compared to the N1.05kobo dividend declared for the 2016 financial year.
Speaking on behalf of the shareholders at the Lafarge 2018 yearly general meeting during the week, the National Chairman, New Dimension Shareholders Association, Mr. Patrick Ajudua, also commended management for the success of the just-concluded rights issue.
Ajudua urged the company to ensure that the subsidiary contributes to the bottom-line, to enable it consolidate on the performance and improve liquidity.
Reviewing its performance, the Chairman of the Board of Directors, Mr. Mobolaji Balogun, said the dividend payout is in appreciation of the support shown by the shareholders so far and a worthy return on their investments.
“The Board of Directors is mindful of the support of all our shareholders through the difficult but necessary journey to transform the company into a more agile and correctly financed business ready to benefit from the potential opportunities in Nigerian building materials (market),” Balogun said.
He also assured shareholders that restructuring Lafarge capital structure is largely completed through the past year, and would help to significantly reduce the cost of financing and currency translation risk.
Balogun added that the company’s recent N131.6 billion rights issue, the largest ever Rights Issue in Nigeria, which was also fully subscribed, helped to significantly reduce the FX debt exposure by 50 per cent, and the Board of Directors is already reviewing options to deal with the remaining FX debt.