SEC approves CCNN/Kalambaina Cement Company merger

07 Jan 2019
Financial Nigeria

Summary

The new CCNN shares have been issued and allotted to all shareholders of Kalambaina Cement in exchange for their Kalambaina Cement shares.

Chairman, BUA Group, Abdul Samad Rabiu

The Securities and Exchange Commission (SEC) has approved the merger of the Cement Company of Northern Nigeria Plc. (CCNN) and Kalambaina Cement Company Limited (Kalambaina Cement). Thus, the new CCNN shares have been issued and allotted to all shareholders of Kalambaina Cement in exchange for their Kalambaina Cement shares.

“The expanded CCNN will remain the market leader in its regional market of Northwest Nigeria, which is the third largest market for cement in Nigeria by consumption, while we continue to explore the huge opportunities that exist in the export market of Niger, Burkina Faso and the West African region,” said Abdul Samad Rabiu, Chairman of BUA Group, who is now also the Chairman of CCNN.

On 12 October, 2018, the CCNN had announced its proposed merger with Kalambaina Cement. It received the approval of the shareholders of CCNN and Kalambaina Cement on 29 November, 2018.

The CCNN has also received the requite sanction of the Federal High Court of Nigeria. Accordingly, the scheme of the merger is effective as of 24 December 2018.


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