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February 18, 2009 at 18:42 GMT
Construction Giants Costain West Africa Plc (Costain WA) has taken a legal action against a majority stakeholder in the company to prevent it from changing the name of the Company.
Phil Wharton, Chief Executive Officer (CEO) of the Costain WA confirmed this to Proshare NI today in LagosNigeria.
Wharton affirmed that in order to stop the majority holder from changing the name of the Construction Company, Costain WA has taken a legal action to prevent such an incident.
He further confirmed that the company would on Thursday February 19 2008 hold an Extra Ordinary General Meeting (EGM) in LagosNigeria to prevent the name of the Company from being changed.
Wharton affirmed that the majority stakeholder bought Costain United Kingdom (UK) shareholding and therefore wanted to use the opportunity to change the name of the Company.
ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œThere was a share transaction between Costain Group UK and the Company, but majority of the Board Members do not want the name of the company to change and we have taken a legal action to prevent thatÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â he said.
He further affirmed that majority of shareholders of the company say no to the illegal action and that they have had enough. ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œThe EGM would not take more than 30 minutes and we would have knocked off the plan to change the name of Costain WAÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â Wharton said.
As at the time of filling in this report, Wharton did not mention the name of the majority stakeholder nor the amount of stake acquired in the company.