By Dipo Olowookere
A full suspension has been placed on the shares of Cement Company of Northern Nigeria (CCNN) Plc, Business Post has reliably learned.
Though this development is yet to be publicly announced to the investing community, a regulatory notice to stockbrokers seen by this newspaper confirmed that the suspension takes effect from today, Tuesday, December 24, 2019.
Recall that on Monday (yesterday), Business Post exclusively reported that the Nigerian Stock Exchange (NSE) approved the application filed by the board of Obu Cement Company Plc to list its shares on the exchange.
Obu Cement is the new company emerging from its merger with CCNN after shareholders of both companies and the court approved the requests of their respective boards to work together as an entity.
APT Securities and Fund Limited; and Stanbic IBTC Stockbrokers Limited acted as stockbrokers of the deal, while Stanbic IBTC Capital Limited; and Rand Merchant Bank Nigeria Limited acted as the issuing house(s)/financial adviser(s).
With the approval of the request for the listing of Obu Cement shares, the NSE, in a notice to dealing members today, said shares of CCNN have been placed on full suspension.
“Dealing Members are hereby notified that trading in the shares of Cement Company of Northern Nigeria Plc (CCNN or the Company) was today, Tuesday, 24 December 2019 placed on full suspension.
“The suspension becomes imperative to prevent trading in the shares of the company beyond the Effective Date (the date the Certified True Copy (CTC) of the Court Sanction will be registered with the Corporate Affairs Commission) of the Scheme of merger between the Company and Obu Cement Company,” the regulatory disclosure said.
Obu Cement Company recently merged with Cement Company of Northern Nigeria (CCNN) Plc after shareholders approved the marriage between them at two separately held Court Ordered Meetings.
The merger was to enable them expand their operations and market in the country, making the new enlarged entity, Obu Cement, the second largest cement maker in Nigeria and West Africa.
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