Ibeto Cement explains 70% stake acquisition in US oil firm, Century Petroleum
As business intelligence observers await the given 90 days ahead of final sealing of reverse merger scheme between Nigeria’s leading cement group, Ibeto Cement and United States (U.S.) publicly traded petroleum exploration and production company, Century Petroleum, the chairman of the indigenous player, Chief Cletus Ibeto has given insights on the reasons behind the deal.
Business Hilights gathered that the reverse of merger of the cement manufacturer’s assets with the U.S. firm’s will transfer about 70 per cent shareholding to Ibeto Cement after the 90 days, thus, making the company, first Nigerian group to be listed on the U.S. Stock Exchange.
Ibeto in a statement described the transactions as “historic reverse merger” which had paved the way for Ibeto Cement’s listing on the U.S. Stock Exchange.
“By this reverse merger which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the United States Stock Exchange.”
“It has been a long journey since I have been in business and none of our companies or businesses has gone public so far.
“In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me,” said Ibeto
Founder of the group and Anambra State-born serial investors, Chief Cletus Ibeto further commended stakeholders for making the merger possible “including the government, , investors, and the larger Nigerian society for this landmark development which will improve the level of actualisation of the huge Cement business opportunities around Africa.
“Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corp is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa”.
Ibeto Cement has been a strong market leader within the Southern fringe of the country over the years.
