Kalambaina Cement Company Ltd agreed to acquire Cement Company of Northern Nigeria Plc (NGSE:CCNN) from Damnaz Cement Company Ltd. and BUA International Limited in a reverse merger transaction on June 27, 2018. Under the terms, Cement Company of Northern Nigeria (CCNN) will issue 19.8 million share for every 0.1 million shares of Kalambaina Cement Company at the price of NGN 25.99 per share. CCNN will be resultant entity. Transaction is subject to approval from shareholders of CCNN and Kalambaina Cement Company, Nigerian Stock Exchange, Security and Exchange Commission and Federal High Court of Nigeria. As of June 27, 2018, board of directors of CCNN and Kalambaina Cement approved the transaction. As of October 12, 2018, Nigerian Stock Exchange and Security and Exchange Commission approved the transaction. As of November 29, 2018, Federal High Court of Nigeria and shareholders of Kalambaina Cement Company and CCNN approved the transaction.