By Taofik Salako, Capital Market Editor
Authorities at the Nigerian Stock Exchange (NSE) on Tuesday placed full suspension on the shares of Cement Company of Northern Nigeria Plc (CCNN) Plc. With the full suspension, there will be no trading or price movement on the shares of the cement company.
The NSE stated that the suspension was to prevent trading in the shares of CCNN beyond the effective date for its merger with Obu Cement Company.
The effective date is the day the Certified True Copy (CTC) of the court sanction of the merger will be registered with the Corporate Affairs Commission (CAC).
Shareholders of CCNN had earlier this month at the court-ordered general meeting in Abuja approved the merger of the two companies.
Chairman, Cement Company of Northern Nigeria (CCNN) Plc, Alhaji Abdus Samad Rabiu, said 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…