CECA – Further Cautionary Announcement

By Published On: April 11th, 2023Categories: 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 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”) who 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 failed to reach an amicable out of court settlement, as directed by the Court, and the matter was due to be heard on 21 March 2023. However, on that date the presiding judge was unable to attend to the proceedings, and the matter was adjourned to 25 May 2023 for hearing of the application filed by KANN challenging the unlawful takeover of AEDC by the BPE and other government agencies.

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, April 6, 2023

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