THE Cement Company of Northern Nigeria (CCNN) is in the process of seeking final approval from the Securities and Exchange Commission (SEC) on its proposed merger with Obu Cement Plc. Its shareholders unanimously voted in favour of the proposed merger to enhance operating and administrative efficiency.

The plebiscite which took place at the Court-Ordered General Meeting of the shareholders of the CCNN had 157 out of 170 accredited shareholders voting in favour of the resolution.

According to the Chairman of the CCNN, Alhaji Abdulsamad Rabiu, the total number of shares held by shareholders present and who voted was 307,027,755 shares, and voted in favour of the resolution approving the scheme which represents 99.93 per cent. Based on the results of the poll, the motion for the merger of CCNN with Obu Cement was unanimously carried.

He further said that the report of the result of this meeting will be filed with the Securities and Exchange Commission for its final approval. Following the final approval by SEC, a copy of the result will also be submitted to the federal high court.

'The shareholders of the merging entities are well positioned to benefit from the stronger position of the enlarged company due to greater economies of scale and enhanced operating and administrative efficiencies which are expected to accrue from the proposed merger,' he said.

© Pakistan Press International, source Asianet-Pakistan