Ibeto Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (US) publicly traded petroleum exploration and production company.
The company said it acquired 70 per cent of Century Petroleum, resulting in the reverse merger of the cement manufacturer’s assets with the US firm’s.
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.
Ibeto Group Chairman/Chief Executive Officer, Dr. Cletus Ibeto, has taken over as Chairman of the firm’s Board of Directors, Ibeto Cement said in a statement to The Nation yesterday.
It described the deal as a “historic reverse merger” which had paved the way for Ibeto Cement’s listing on the New York 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…”
THE NATION