Dr. Cletus Ibeto, The Chairman of The Ibeto Group, the parent company of Ibeto Cement Company Limited, Nigeria, opined that:
“Our key strategic objective in the vast and extensive development of Cement business in Nigeria and West African sub-region is to make cement affordable to all Nigerians and tiers of government in such a way that they should be able to develop modest homes for themselves and their families inclusive of road infrastructure. As far as I am concerned and with the knowledge I have and what I know in this business, the cement business is an investors’ haven especially in Nigeria and a much more profitable business than crude oil where a lot of people think is the best place to invest. This probably explains why the few people in the business have deliberately created very strong barrier to entry into the industry for prospective investors. It is therefore my honest belief that this reverse merger will enable us to accomplish this objective. In the end and, in line with our strategic intent and objective, we are geared to be a world-class cement company in terms of quality, affordability, innovation, service, environment, safety, and corporate governance and also to be a part of building the country’s needed infrastructure.
Dr Ibeto continued, it has been a long journey since I have been in business and none of my companies or businesses has been public. I have a desire to build a formidable structure for companies that will outlive me.
Moving on, everybody knows that I have had great success investing in Nigeria for myself, my family and the communities in which my businesses operate, but then the time has come for me to replicate the successes I have enjoyed in Africa on a global scale. My plan is to share my wealth of experience that has made me a leader in business today so as to ensure that which God has given to me as a gift, building successful businesses, benefits God’s people beyond Africa.
For me, this is a legacy I am building for generations to come. Century Petroleum Corp is the vehicle I plan to use as a catalyst of empowerment for all Nigerians and people all over the world as the shares of the company will be traded internationally”.
I am extremely excited to have Century Petroleum Corp as future part of the IBETO group and having taken over the reigns as the Chairman of the Board of Directors of the company will enable me to put together teams that will help grow the company and propel it and also members of the board that will help me breathe life into what Century Petroleum will ultimately become.
It is also my wish to state here that my years of experience in business as well as my success record, prove that I have the ability to build companies/businesses organically as I had done with the businesses that I have started from ground up and inorganically through businesses that I have acquired as means to grow swiftly in my vertical integration strategy.
Terms of the Transaction
The Proposed Transaction will be structured as an amalgamation, arrangement, takeover bid, share purchase or other similar forms of transactions or a series of transactions that have a similar effect with Ibeto Cement Company Limited acquiring total control of Century Petroleum Corp, whereas, the survivor/legacy of the merger would be called “Ibeto Cement International Corporation”, a transaction that will make Ibeto Cement Company Limited a 70% control shareholder of Ibeto Cement International Corporation (“the merger survivor”). The final structure for the Proposed Transaction is subject to satisfactory tax, corporate and securities law advice for both Century Petroleum Corps and Ibeto Cement Company Limited.
Completion of the Proposed Transaction is subject to a number of conditions, including completion of the merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and Finra for the business combination and change of name.
In connection with the Proposed Transaction, the Company will be required to, amongst others: (i) change its name to a name requested by Ibeto Cement Company Limited and acceptable to applicable regulatory authorities; (ii) consolidate/consolidation of its outstanding Century Petroleum Shares on a basis to be determined (the “Consolidation”); (iii) replace all directors and officers of the Company on closing of the Proposed Transaction with nominees of Ibeto Cement Company Limited; and (iv) create a new class of non-participating super voting shares that would be issued to the founder of Ibeto Cement Company Limited, Dr. Cletus M. Ibeto, under the Proposed Transaction.
In the Proposed Transaction, existing shareholders of the Company as of immediately prior to the completion of the Proposed Transaction would hold post-Consolidated Century Petroleum Shares (whose voting rights will be subordinated) with a value, based on the merger. Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of Ibeto Cement Company Limited) to be filed by the Company in connection with the Proposed Transaction.
AI
