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 Northern Nigeria and Founder, BUA Group: “We thank shareholders of both companies who voted overwhelmingly to approve this merger. This deal signposts shareholder confidence in the value proposition of the CCNN-Kalambaina 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.
“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.”

About Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria Plc is a public limited liability company incorporated in 1962 and listed on The Nigerian Stock Exchange in 1993. CCNN operates a 500,000 metric tonnes per annum cement plant commissioned in 1985. Damnaz Cement Company, where BUA owns a minority stake, is a majority shareholder in CCNN.

About Kalambaina Cement Company Limited
Kalambaina Cement Company Limited is a private limited liability company incorporated in Nigeria. The company is a wholly owned subsidiary of BUA Cement Limited and is primarily engaged in the business of quarrying, extracting, processing and dealing in limestone as well as the manufacture and supply of cement. Kalambaina Cement Company Limited’s key cement assets include the brand new 1.5 million metric tonnes per annum cement production plant situated in Kalambaina, Sokoto State.

Comments

Post a Comment

Popular posts from this blog

Billionaire Akanimo Udofia Responsible For Oil Man Igho Sanomi's Crashed Marriage

Image
How The Erstwhile Brothers-in-Law Became Enemies Over Infidelity-based Allegations The marriage between billionaire oil magnate and philanthropist, Igho Charles Sanomi, and his wife, Eghonghon, has crashed. Eghonghon has moved out of her matrimonial home with the four children from the union, and has even filed for a divorce. Predictably, Sanomi, whose world revolves around his family, is distraught and devastated by this downward turn of event. Never would he, or even, Eghonghon, have thought that the love they had been nurturing from their college days, would come to such an abrupt end. Sources disclosed to The ELITES that the marriage between Sanomi and Eghonghon crashed as a result of myriad of problems, which was completely beyond the couple’s control. Somehow, the news of their crashed marriage was only known to just the couple’s families and close friends. Tragically too, the blame for the Sanomis’ crashed union, is being leveled on Akanimo Udofia, the billionaire busi...
Read more

Oba Elegushi's New Wife, Hadiza Won't Live Under Same Roof With Olori Aramide

Image
Hadiza, the new wife of Oba Saheed Ademola Elegushi would be living apart from first wife Olori Sekinat Aramide – for now. Sources confirmed that based on existing arrangement new wife Hadiza would be primarily based in Abuja with periodic visits to Lagos state. Young king Elegushi popularly known as King Gushi is the Elegushi of Ikate Land, which is one of the pieces of Lagos state. Sources disclosed that the reasons behind the strategy of King Gushi’s new wife, Hadiza opting to live apart from the first wife Seki are two folds. ‘’To protect her business and maintain the peace while the anger of the first wife cools off’’ societynow.ng learned. Olori Sekinat is said to have kicked very against Oba Elegushi’s marriage to Hadiza, the new Olori when she was informed. Sources disclosed Oba Elegushi had stayed well ahead of the consequence of his first wife’s anger -and strong opposition – by informing her of the plan to take a second wife when she could do little or nothing to st...
Read more

Single Mother Temitope Adesegun Is Ooni Ogunwusi's Soon-To-Be Wife

Image
Ooni of Ife, Adeyeye Enitan Ogunwusi has chosen his main heartthrob. And she is identified as “Tope Adesegun”. “The full name is actually Temitope Adesegun” a source disclosed. Light skinned and label a “beauty to behold”, the latest sweetheart of the leading monarch is said to have a two-year-old daughter. Details of the circumstances of the former life that transformed Tope into a single mother are sketchy. “But whatever she went through, it is obvious what she has going with the Ooni is far better” a source disclosed. Societynow.ng gathered that Tope pushes above heavy interests from quite a tidy number of other women to assume current status with the Ooni. Twice divorced – one before he became the Ooni – Oba Ogunwusi is “single” and has transformed the subject of intense wooing from women and family of all shades of colours. Source: Societynow
Read more