Following the order of the Federal High Court sitting in Lagos of the final sanctions to the scheme of merger between Cement Company of Northern Nigeria and BUA Group’s Kalambaina Cement Company, the Nigerian Stock Exchange is expected to list the shares of the expanded entity.
The merger has been described by the regulator as the largest deal of the year in Nigeria in 2018 at its recently held NSE CEO Awards.
This comes on the back of overwhelming shareholders approval as well as final approvals by the regulators – the Securities and Exchange Commission and the Nigerian Stock Exchange.
Speaking on the 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 continuing to explore the huge opportunities that exist in the export markets of Niger, Burkina Faso and the West African region.