The Senate, through its Committee on Capital Market yesterday resolved to summon Lafarge Africa Plc over the planned divestment of 83.8 percent  majority shares it controls in the cement industry .

This is even as the Bureau of Public Enterprises ( BPE ), assured the Senate that the 16.19 percent share held by the Nigerians in  Lafarge Plc, was intact.

The Committee had an interactive session with the management of Securities and Exchange Commission  (SEC), Bureau of Public Enterprises (BPE), and the Federal Competition and Consumer Protection Commission (FCCPC) on the alleged planned sale of Lafarge Africa Plc to Chinese Investors .

In his submission before the committee, the Director General of SEC , Emmanuel Agama, who was represented by Director , Securities and Investment Services , Abdulkafir Abbas , said SEC had not received any formal proposal regarding the proposed divestment of the majority shareholding in Lafarge Africa Plc .

SEC, however, explained that it was notified of an internal restructuring involving Holcim Group the majority shareholder in Lafarge Africa Pic .

The DG said, “Holcim Group holds 83.81 percent of Lafarge Africa Pic’s issued share capital through the following wholly owned entities:

“As part of the internal restructuring, the 27.77 percent equity stake held by Associated International Cement Limited was transferred to another Holcim-owned entity. Davis Peak Holdings Limited.

“There has been no change in the ultimate beneficial ownership of the shares as a result of this transaction.

“In light of the foregoing, the Commission wishes to clarify that no format filing has been made with respect to any proposed sale of Lafarge Africa Pic to Chinese investors”, he said.

Representative of the Bureau of Public Enterprises,  Satura Aisha Bello, in her capacity as Director, Post Transaction, told the committee that the Share Lafarge Africa Plc planned to divest, belongs to the company and not the 16.19 percent share held by Nigerians.

She explained further that Lafarge quoted on stock exchange holds 83 percent of the total shares of the federal government-owned cement companies, sold to it in 2001 and 2002, and that it had not in any way tampered with the 16.19 percent share meant for Nigerians .

However, the Committee chaired by Senator Osita Izunaso (APC Imo West), resolved to summon Lafarge Africa Plc on the planned majority shareholding divestment.

It also directed its clerk to write the Corporate Affairs Commission (CAC) on what memo and  Lafarge article say in terms of divesting shareholding.