Lafarge Africa Board of Directors approves merger with Unicem and Atlas.
After a court ordered meeting in Lagos, The Board of Directors of Lafarge Africa Plc have approved the merger with United Cement Company of Nigeria Limited (Unicem), and Atlas Cement Company Limited (Atlas).
The merger is aimed at streamlining the operations and reducing the operating costs of Unicem and Atlas through consolidation of the cement manufacturing and marketing businesses for better management and efficiency.
The Chairman of Lafarge Africa, Bolaji Balogun, noted that this merger is expected to result in improved returns to shareholders and become beneficial to other stakeholders, which includes employees and customers of Lafarge Africa, Unicem and Atlas.
Cost inefficiencies such duplication of human resources, financial reporting, operating and administrative expenses and many others are expected to be significantly reduced after the merger.
Lafarge Africa is the sole shareholder of Unicem and Atlas with Lafarge Africa holding an indirect 100 per cent equity shareholding in Unicem and Atlas.