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   Market Date: 16-09-2014   
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SEC cancels CCNNs rights issue

Category: Public Offers Private Placements

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SEC cancels CCNNs rights issue

The Securities and Exchange Commission (SEC) on Thursday voided the 240,742,867 rights issue floatation of the Cement Company of Northern Nigeria.


The capital market regulator equally aborted the company’s completion board meeting in Abuja where the formalities of the offer were to be perfected by directors and shareholders of the company.


The meeting, billed for 10am on Thursday had begun when the company’s Chairman, Dr. Ibrahim Abdullahi Gobir announced that SEC had ordered the suspension of the offer because of a certain take-over bid of the company by an unnamed investor.


SEC is Nigeria’s capital market regulatory agency vested with the functions of ensuring the promotion of investment culture in the country as well as protecting the investing public against “shylock” market operators. - Guardian

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