CECA – Further Cautionary Announcement

Shareholders are referred to the cautionary announcement dated December 15 2021, issued by the CEC Africa Investments Limited (“CECA” or the “Company”) informing the market of the developments in Nigeria in relation to the purported takeover of Abuja Electricity Distribution Plc (“AEDC”) by the Bureau of Public Enterprise (“BPE”).

Shareholders are aware that in December 2021, the Bureau of Public Enterprise (“BPE”) which holds shares in AEDC, appointed an interim Board of Directors and management team to stabilize the operations of AEDC that were being affected by the dispute between the shareholders of KANN Utility Limited (“KANN”).

In response to the alleged takeover of the operations of AEDC, KANN instituted a suit against the BPE and other government agencies seeking court-ordered restraint against interference with the operations at AEDC. Shareholders will recall that the parties were unable to reach an amicable out-of-court settlement as directed by the Court.

Hearing of the pending applications in the matter was due to commence on 16th April 2024. However, when counsel attended court on that date, they were informed that the judge was indisposed, and therefore the court did not sit. The matter was adjourned to 13th June 2024.

CECA will inform the public of further developments in the matter as they become known. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s shares until a full announcement is made.

Clara Mvula
Head, Corporate Services
Issued in Lusaka, Zambia on Wednesday, June 5, 2024