Lafarge Africa, a subsidiary of French building materials company Lafarge S.A., has received shareholder approval to raise 90 billion nairas ($247.93 million) of capital through a rights issue and to restructure its short-term shareholder loan.

Shareholders also authorised the board of the company to raise capital by way of a rights issue of ordinary shares to its shareholders.

The company said that the additional capital to be raised will further help to deleverage its balance sheet and provide headroom for the expansion of its business.

Lafarge Africa’s refinancing plan is aimed at preparing for future development in Nigeria.