Business
Century Petroleum Announces The Proposed Reverse Merger With A Nigerian Businessman
Century Petroleum Announces The Proposed Reverse Merger With A Nigerian Businessman.
About this update from Century Petroleum Corporation
[{"type":"text","content":"\nNEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) (“Century” or the “Company”) is pleased to announce that it has entered into a binding letter agreement dated as of May 25, 2018 (the “Letter Agreement”) with a leading Nigerian-based cement company, Ibeto Cement Company Limited (“Ibeto”). The Letter Agreement outlines the proposed terms and conditions pursuant to which Century Petroleum Corp and Ibeto Cement Company Limited will effect a business combination that will result in a reverse takeover of Century Petroleum by the shareholders of Ibeto Cement Company Limited (the “Proposed Transaction”). The Letter Agreement was negotiated at arm’s length. Per the Agreement, Dr. Cletus Ibeto has acquired 70% control of Century Petroleum Corp. Effective May 24, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of Century Petroleum Corp has stepped down and Dr. Cletus M. Ibeto has been appointed as the new Chairman of the Board effective immediately. Dr Cletus Ibeto was advised by Palewater Advisory Group Inc. on this transaction.\n Ibeto Cement Company Limited, a privately held company organized/incorporated under the Nigerian laws, is one of the most dominant players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the Ibeto Cement Company Limited is currently developing two cement plants in Nigeria namely: – one in Ebonyi State and one in Cross River State/Abia State. Each of the plant is a State-of-the-art 6,000 Metric Tons-per-day (TPD) plant and are sitting on an abundant deposit/reserve of quality limestones. Ibeto Cement Company Limited is owned by the industrial Nigerian Billionaire -  Dr. Cletus Madubugwu Ibeto, CON. Dr Ibeto is a world-class business leader and enterpreneur who has built successful companies/industries in Nigeria and beyond. Through Ibeto Cement Company Limited, Dr Ibeto has seriously impacted the cement market in Nigeria. This transaction will enable Ibeto Cement Company Limited to raise sufficient capital to dominate the industry in Nigeria and West African sub region as a whole. Kent A. D. Clark, Chairman of Palewater Global Management Inc., the current parent company of Century Petroleum Corp, stated thus: \"The revers...