CORPORATE NEWS: LA FARGE AFRICA TO RAISE N100bn.


La Farge Africa PLC is finalising plans to raise up to N100bn through bond issue at the capital market.
According to update notice sent to the Nigerian stock exchange, the money will be raised in series or tranches.
According to the notice, the Securities and Exchange Commission (SEC) has already approved the bond issuance programme and cleared draft documents submitted to it in respect of the bond.
Hence, La Farge Africa is now in the process of updating relevant transaction documents for clearance also by SEC.
Once these documents are approved then the formal signing of the bond agreement by parties to the bond will take place.
It is likely that La Farge may target up to N60bn in the first tranche of the bond.

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