Ibeto set to go public on NYSE for the first time, as it takes over U.S oil firm

A Nigerian firm which deals with manufacturing of cement, Ibeto Cement Company, has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company.

This will make the cement company to become the first Nigerian firm to be listed publicly on the New York Stock Exchange (NYSE).

The company said it acquired 70 per cent control of Century Petroleum, resulting in the reverse merger of the Ibeto Cement’s assets with Century Petroleum.

A reverse takeover or reverse merger takeover is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public.

The transaction typically requires reorganisation of capitalisation of the acquiring company.

A statement by Ibeto Cement at the weekend said the Chief Executive Officer and Chairman of the Ibeto Group, Dr. Cletus Ibeto, has already taken over as Chairman of the U.S firm’s Board of Directors.

It said the deal when sealed and presented to the public in 90 days will make the company record an historic achievement, as it would pave a way for Ibeto Cement’s listing on the NYSE.

While explaining the strategy behind the merger, Ibeto said, “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 come up with a strategy to build a formidable structure for companies that will outlive me.”

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He lauded stakeholders in the historic merger including the government, shareholders, investors, and the larger Nigerian society for this landmark development which he said, 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.

“We will use it as a catalyst of empowerment for all Nigerians the world over as the company’s shares will be traded internationally,” he said.

lbeto Cement Limited, located in BunduAma, Port Harcourt, Rivers State, began cement bagging operations at its bagging terminal in Port Harcourt in 2005.

By Oluwasegun Olakoyenikan….

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