Ibeto Cement Company Limited entered into a binding letter agreement to acquire Century Petroleum Corp. (OTCPK:CYPE) from Palewater Global Management Inc. and others in a reverse merger transaction on May 25, 2018. Post transaction, Ibeto Cement Company will hold 70% stake in Century Petroleum. Also, the name of Century Petroleum will be changed to “Ibeto Cement International Corporation.” As a part of the transaction, existing shareholders of Century Petroleum would hold post-consolidated Century Petroleum shares. Ibeto Cement Company Limited entered into an asset purchase agreement to acquire Century Petroleum Corp. (OTCPK:CYPE) from Palewater Global Management Inc. and others in a reverse merger transaction on August 28, 2018. Pursuant to the agreement, a total number of 14 billion restricted shares of the common stock of CYPE will issued to Cletus M. Ibeto as an individual, which shares represent 90% of the total outstanding stock of CYPE in exchange for approximately 220 million shares of ICCL, which shares represent 90% of the total outstanding stock of ICCL. As a part of the agreement, Cletus M. Ibeto has been appointed as the new Chairman of the Board of Century Petroleum and Mandla J. Gwadiso, Chairman and Chief Executive Officer of Century Petroleum have stepped down. The completion of the transaction is subject to number of conditions, including completion of the merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and Finra for the business combination and change of name. In connection with the transaction, Century Petroleum will be required to, amongst others: (i) change its name to a name requested by Ibeto Cement Company Limited and acceptable to applicable regulatory authorities; (ii) consolidate/consolidation of its outstanding Century Petroleum Shares on a basis to be determined; (iii) replace all directors and officers of the company on closing of the transaction with nominees of Ibeto Cement Company Limited; and (iv) create a new class of non-participating super voting shares that would be issued to the Founder of Ibeto Cement Company Limited, Cletus M. Ibeto, under the transaction. Palewater Advisory Group Inc. acted as financial advisor to Cletus M. Ibeto, Owner of Ibeto Cement Company Limited, was advised by on this transaction.