CECA – Further Cautionary Announcement

By Published On: June 16th, 2023Categories: Corporate 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. Consequently, a hearing was scheduled for March 21, 2023. However, due to the unavailability of the presiding judge, the hearing was adjourned to May 25, 2023.

On the scheduled date, the matter was not heard as anticipated, and the case has since been transferred to a different judge. A date for hearing by the new judge has not yet been advised.

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 Thursday, June 15, 2023

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.