Holcim to close Nigerian company

Holcim Nigeria plans to dissolve the company after its Swiss-based parent firm merged with French rival Lafarge two years ago.

Holcim Nigeria is now part of Lafarge Africa following the merger in 2015 to create LafargeHolcim.

Beat Hess, chairman, LafargeHolcim said the company was still adjusting its structures in big markets where both Lafarge and Holcim are present following the merger.

The Nigeria-based business of the Franco-Swiss cement group is in the market to raise 140 billion naira in fresh equity and convert some loans into shares as part of a planned rights issue after it reported losses last year.

LafargeHolcim has said it will take part in a capital increase of the Nigerian unit to avoid diluting its nearly 73 percent stake, in a move which would also help simplify the ownership structure in Nigeria.

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