The $1.1 billion merger between the Cement Company of Northern Nigeria and BUA Group’s Kalambaina Cement has been awarded the “Best M&A Deal in Africa” at the EMEA Finance Achievement Award held in London recently.
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Abdul Samad Rabiu, Chairman, Cement Company of Northern Nigeria and Founder/CEO of BUA Group, rang the closing gong on the floor of The Nigeria Stock Exchange to mark the end of trading on Wednesday and commemorate the successful completion of the CCNN/Kalambaina Cement Merger and listing of the shares of the expanded CCNN entity, which is now one of Nigeria’s 12 most capitalized companies on the exchange.
With this shareholder approval, the new CCNN will have a total installed capacity of two million 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.
The News Agency of Nigeria reports that the market capitalisation, which opened at N14.820 trillion rose by N39 billion or 0.26 per cent to close at N14.859 trillion.
Weekly transactions on the Nigerian Stock Exchange reopened on a bullish note on Monday with some blue chips chalking up gains.