CCNN shareholders approve Kalambaina merger
FOLLOWING AN EXTRA ordinary general meeting as directed by the court, shareholders of Cement Company of Northern Nigeria (CCNN) approved the company’s merger with Kalambaina Cement.
The company, said in a statement that 99.01 percent of its shareholders voted to merge with the BUA owned Kalambaina Cement Company in a bid to create the largest cement company in the core north region of Nigeria.
The proposed merger will see shares of CCNN being issued and allotted to all shareholders of Kalambaina Cement in exchange for their shares in Kalambaina Cement at an agreed ratio based on CCNN’s 30 day volume weighted average of N25.99 per share.
The proposed merger arrangement will also see every 100,000 Kalambaina Cement shares owned exchange for 19,811,372 ordi- nary shares of CCNN.
Abdul Samad Rabiu, chairman, Cement Company of Northern Nigeria and founder, BUA Group said, “We thank shareholders of both companies who voted overwhelmingly to approve this merger. This deal signposts shareholder confidence in the value proposition of the CCNNKalambaina merger and we are certain that the new entity can compete effectively in the cement industry in Nigeria whilst maintaining its market dominance in this region.
“The new, enlarged CCNN is a stronger platform to capture significant synergies and create value for the benefit of the shareholders in the form of stronger competitive position, economies of scale, enhanced operations and administrative efficiencies which are expected to accrue,” Abdul Samad added.
He also reiterated the commitment of the company to the Nigerian exonomy and that the new company will continue to deliver exceptional value to stakeholders at all times.
He said, “Our commitment towards the Nigerian economy remains strong and this new entity further deepens the capital market and is a pointer to the continued resurgence of the Nigerian economy.
We remain committed to delivering exceptional value to stakeholders at all times.
Innovation, efficiency and best-in-class technology will continue to be the key drivers of our cement business.”
R-L: Abdul Samad Rabiu, founder, BUA Group of Group and chairman, Cement Company of Northern Nigeria (CCNN);Yusuf Binji, managing director, CCNN; Kabiru Rabiu, director,CCNN; and Khairat, Abdulrazaq-Gwadabe, director, CCNN, at the court ordered extra-ordinary general meeting of CCNN