Lafarge Africa aims to cut debt with first equity sale in decade

Lafarge Africa will use part of the proceeds of a 131.65-billion naira ($415-million) rights issue to cut debt by around $270-million, almost halving its foreign currency exposure, the cement maker said in its offer document. The local unit of Franco-Swiss group Lafarge Holcim is offering five new shares for every nine held at 42.50 naira, a 12.4% discount to its closing price of 48.50 naira on Wednesday.