• Wednesday, April 17, 2024
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BOWS gets SEC approval to acquire 100% stake in Courteville

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BOWS Nigeria Limited is set to acquire 1,171,939,459 shares in Courteville Business Solutions Plc. This is equivalent to 32.99percent equity stake held by other shareholders of the Company at 48 kobo per share.

Through a Mandatory Takeover Bid (MTO), the tender offer which opened on February 22 closes on March 22, 2023.

A special resolution approving the delisting the securities of Courteville Business Solutions Plc was passed by the shareholders at the 17th Annual General Meeting of Courteville Business Solutions Plc held on July 26, 2022.

“The investing public and the Nigeria Exchange Limited are hereby informed that BOWS Nigeria Limited, a shareholder which holds 67.01percent of the issued share capital of the Company, made proposal to buy the 32.99percent held by the other shareholders of the Company through a Mandatory Takeover Bid (MTO) to the Securities and Exchange Commission (SEC), and the Mandatory Takeover Bid has been registered with SEC as SIS/M&A/TBR/CBS/000824 in the Commission’s record,” according to Jackson, Etti & Edu, Company Secretary to Courteville Business Solutions Plc.

The company’s shares outstanding of 3.552billion units are valued at N1.669billion.

“BOWS Nigeria Limited has obtained SEC’s approval to launch the Mandatory Takeover and same is priced at 0.48k per ordinary share net of any applicable tax. The tender offer will open on the 22nd of February 2023 and close on 22nd March 2023,” Courteville further said in the notice at the NGX.