CECA – Further Cautionary Announcement

By Published On: January 29th, 2024Categories: 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.

The suit suffered a delay as it was transferred from the court that was originally handling it to another court. The matter came up for hearing on 18th January 2024 before Hon Justice Gladys Olotu, the new judge that it was transferred to. Being new to the case and the pending applications filed by all the parties, the judge ordered the plaintiffs’ counsel to prepare and file a list of all pending applications and also ordered all parties to file a one-page written address on the priority of their respective pending applications. The judge will then decide which application to take first on the next adjourned date. The matter was adjourned to 16th April 2024 for a hearing of all pending applications in order of priority.

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, January 26, 2024

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.