CECA – Further Cautionary Announcement

By Published On: June 27th, 2022Categories: Corporate announcement

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

Shareholders are aware that in December 2021 the Bureau of Public Enterprise (“BPE”) who holds shares in AEDC, purportedly 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 had instituted a suit against the BPE and other parties seeking a court ordered restraint against interference with the operations at AEDC. Subsequently, the parties agreed to settle the matter out of court and were due to report to the Court on the negotiated settlement on 16th June 2022. However, at the hearing, counsel for United Bank for Africa, one of the parties in the suit, requested for more time to negotiate the settlement and the matter was adjourned to 26th September 2022.

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 Friday, June 24, 2022

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