Shareholders Overwhelmingly Approve Bua’s Kalambaina Cement & CCNN Merger
At two separate court ordered Extra-Ordinary General Meetings held in Sokoto, shareholders of Cement Company of Northern Nigeria (CCNN:NL) and BUA Group’s Kalambaina Cement Company voted overwhelmingly to approve the merger of the two cement companies, pending final regulatory approval. In what is said to be the biggest corporate merger transaction of 2018 in Nigeria, the shareholder approval (pending final regulatory approvals) sees Cement Company of Northern Nigeria merge with one of BUA Group’s cement companies, Kalambaina Cement Company and further solidifies BUA Group’s drive to being Nigeria’s second largest producer of cement by volume in 2019. With this shareholder approval, the new CCNN will have a total installed capacity of 2million metric tonnes and is set to be the dominant cement player in the key regional markets in Northern Nigeria with almost unfettered access to key export markets in West Africa. According to Abdul Samad Rabiu, Chairman, Cement Company of Nort