Liquid Telecommunications Holdings Limited entered into a sale and purchase agreement to acquire remaining 50% stake in CEC Liquid Telecommunication Limited from Copperbelt Energy Corporation Plc (LUSE:CEC) on May 23, 2018. The terms of the transaction involve sale of Copperbelt Energy Corporation’s 50% shareholding in CEC Liquid Telecommunication Limited and payment of all amounts owed by CEC Liquid Telecommunication Limited to Copperbelt Energy Corporation for a cash consideration. Liquid Telecommunications Holdings Limited will pay an initial sum on completion with the balance being payable by the deferred consideration date, which date shall be no later than January 31, 2019. Liquid Telecommunications Holdings Limited shall provide Copperbelt Energy Corporation with an irrevocable and unconditional bank guarantee to support the payment of the deferred consideration. In addition, on or prior to completion, Liquid Telecommunications Holdings Limited shall procure the release of guarantee extended to Stanbic Bank Zambia Limited by Copperbelt Energy Corporation Plc in relation to a loan facility provided by Stanbic Bank Zambia Limited to CEC Liquid Telecommunication Limited. Completion of the transaction shall be conditional upon and subject to receipt of the relevant regulatory approvals and any other third-party consents that are required. Liquid Telecommunications Holdings Limited completed the acquisition of the remaining 50% stake in CEC Liquid Telecommunication Limited from Copperbelt Energy Corporation Plc (LUSE:CEC) on October 16, 2018. 10% of the agreed purchase price was paid on closing while the deferred consideration, backed by a bank guarantee, is payable no later than February 28, 2019. All conditions precedent to the transaction have been fulfilled which include approval of the transaction by COMESA Competition Commission and Zambia Information and Communications Technology Authority and consent of Stanbic Bank Zambia Limited and lenders of Liquid Telecommunications Holdings Limited. In addition, guarantee extended by Copperbelt Energy Corporation Plc has been discharged. The proceeds from the transaction will be used by Copperbelt Energy Corporation to fund the growth and expansion of its core business.