BOWS gets SEC approval to acquire 100% stake in Courteville

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.

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“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.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.