CCNN share­hold­ers ap­prove Kalam­baina merger

Business a.m. - - NIGERIA FRONTIER MARKETS - Afo­labi Oluwaseun

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

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.