Good News As Shareholders, SEC, NSE Approve CCNN/BUA Kalambaina Cement Merger
A Federal High Court sitting in Lagos has given its final sanctions to the scheme of Merger between the Cement Company of Northern Nigeria and BUA Group’s Kalambaina Cement Company. This comes on the back of overwhelming Shareholder approval as well as final approvals by the regulators – The Securities & Exchange Commission and the Nigerian Stock Exchange. With this development, the Nigerian Stock Exchange is expected to list the shares of the expanded entity in in what has been described by the regulator as the largest deal of the year in Nigeria in 2018 at its recently held NSE CEO Awards. Speaking on this development, Abdul Samad Rabiu, Founder/Executive Chairman of BUA Group who is also the Chairman of CCNN, praised the effort of all stakeholders in bringing the merger to fruition. According to him, the expanded CCNN will remain the market leader in its regional market of North West Nigeria – which is the third largest market for cement in Nigeria by consumption, whilst co