Kalambaina Cement Company Ltd agreed to acquire Cement Company of Northern Nigeria Plc (NGSE:CCNN) from Damnaz Cement Company Ltd. and BUA International Limited in a reverse merger transaction on June 27, 2018. Under the terms, Cement Company of Northern Nigeria (CCNN) will issue 19.8 million share for every 0.1 million shares of Kalambaina Cement Company at the price of NGN 25.99 per share. CCNN will be resultant entity. Transaction is subject to approval from shareholders of CCNN and Kalambaina Cement Company, Nigerian Stock Exchange, Security and Exchange Commission and Federal High Court of Nigeria. As of June 27, 2018, board of directors of CCNN and Kalambaina Cement approved the transaction. As of October 12, 2018, Nigerian Stock Exchange and Security and Exchange Commission approved the transaction. As of November 29, 2018, Federal High Court of Nigeria and shareholders of Kalambaina Cement Company and CCNN approved the transaction. Kalambaina Cement Company Ltd completed the acquisition of Cement Company of Northern Nigeria Plc (NGSE:CCNN) from Damnaz Cement Company Ltd. and BUA International Limited in a reverse merger transaction on December 24, 2018. Pursuant to the share issuance by CCNN to Kalambaina Cement, CCNN's share capital increased from 1.26 billion to 13.14 billion. Stanbic IBTC Capital Limited acted as financial advisor and Gbolahan Elias of G.Elias & Co. acted as legal advisor for CCNN. Union Capital Markets Limited acted as financial advisor and Jackson, Etti & Edu acted as legal advisor for Kalambaina Cement.