Lafarge Africa seeks approval to launch 132bn naira rights issue

Cement maker Lafarge Africa is expecting regulatory approval from Nigerian authorities for a 131.65-billion naira ($431.43-million) rights issue as it focuses on Nigeria for growth and expands into Ghana, its chief financial officer said on Friday. As part of its plan to refinance its debt, the subsidiary of Franco-Swiss group LafargeHolcim said it would also issue a 25-billion naira of commercial paper on Monday under a 60-billion naira programme.