By Dipo Olowookere
The board of Cement Company of Northern Nigeria (CCNN) Plc has confirmed receiving a formal approval of the Securities and Exchange Commission (SEC) to officially merge with Kalambaina Cement Company Limited.
In a notice to the Nigerian Stock Exchange (NSE) on Monday, December 31, 2018, the cement maker said it has also obtained the requisite sanction of the Federal High Court of Nigeria for the merger.
As a result of these two key approvals, the statement said the scheme of merger is effective as of December 24, 2018.
Consequently, new shares of CCNN listed on the NSE recently have been allotted to shareholders of Kalambaina Cement as agreed by both boards.
“Following CCNN announcement on October 12, 2018, regarding its proposed merger with Kalambaina Cement, and having received the approvals of the shareholders of CCNN and Kalambaina Cement at their respective court-ordered meetings on November 29, 2018, CCNN is pleased to announce that it has received the formal approval of SEC as well as the requisite sanctions of the Federal High Court of Nigeria for the merger.
“Pursuant to the merger becoming effective, new CCNN shares have been issued and allotted to all shareholders of Kalambaina Cement in exchange for their Kalambaina Cement shares at the agreed ratio as disclosed in the scheme document and approved by CCNN and Kalambaina Cement shareholders. “Stanbic IBTC Capital Limited acted as financial adviser to CCNN, Union Capital Markets Limited acted as financial adviser to Kalambaina Cement, G Elias & Co acted as legal adviser to CCNN and Jackson, Etti & Edu acted as legal adviser to Kalambaina Cement,” the statement issued by CCNN said.
