Trading at the stock market resumed yesterday on a positive note as Cement Company of Northern Nigeria Plc led 17 other price gainers for the day.
Consequently, market year-to-date’s decline eased to 15.8 per cent. The market had recovered last week after five consecutive weeks of decline. Although some market analysts had expressed reservations about the sustainability of the recovery in the new week, the market maintained the growth trajectory yesterday with 18 price gainers and 11 price losers.
The merger will be effected by way of a Scheme of Arrangement, pursuant to Section 539 of the Companies and Allied Matters Act, 1990 and it will involve the transfer of all CCNN’s assets, liabilities and undertakings including employees, real properties and intellectual property rights to Obu Cement. In consideration for the transfer, CCNN shareholders will receive shares in Obu Cement and the company will be dissolved without being wound up.
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