Cement Company of Northern Nigeria Plc and Kalambaina Cement Company Limited have gotten a legal and shareholder approval to merge. CCNN, in a statement made available on the Nigerian Stock Exchange on Monday, said the approval to merge was given at a court ordered meeting on November 29, 2018. The statement said the merger took effect on December 24, 2018. According to the statement, new CCNN shares have been issued and allotted to shareholders of Kalambaina Cement. The founder/executive chairman, BUA Group, Abdul Samad Rabiu, in an interview with The Cable, praised the effort of all stakeholders in bringing the merger to fruition.

Source: Punch January 01, 2019 03:56 UTC