Century Petroleum confirms reverse merger with Ibeto Group

Century Petroleum has confirmed that it has entered into a binding letter of agreement with Ibeto Cement Company Limited.

In the agreement which 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 merger of Century Petroleum by the shareholders of Ibeto Cement Company Limited.

A reverse merger also called reverse takeover or reverse IPO is another way for a private company to go public. It’s typically through a simpler, shorter, and less expensive process than that of a conventional initial public offering (IPO)

The private company buys enough shares to control a publicly traded company. The private company’s shareholders then use its shares in the private company to exchange for shares in the public company.

According to reports by Nasdaq, with the signing of the letter of agreement, Chief Cletus Ibeto, the billionaire owner of the Ibeto Group, has acquired 70% stake in Century Petroleum Corp. While, Mandla J. Gwadiso, the 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.

Nigeria's Ibeto Cement to Get $850 Million Milost Funding

Ibeto Cement Co. Ltd., a privately owned Nigerian producer of the building material, signed a deal to get $850 million in financing from Milost Global Inc, according to the New York- based private equity firm.

Milost will provide $500 million in equity and $350 million as debt to the Nigerian cement maker, Milost said in a statement on its website, citing a “binding” agreement by the two parties.

Calls for comment didn’t go through on numbers listed on Ibeto’s website for its corporate office in the southeastern city of Nnewi. There was no immediate response to an emailed message. The company operates a cement-bagging facility in the southern city of Port Harcourt and is currently rehabilitating Nigercem, a former state-owned plant in the southeastern town of Nkalagu, which it acquired.

Today’s Top Performer: Century Petroleum (AMEX:CYPE)

CYPE is an oil and gas exploration firm which offers services throughout the United States. Their stock is up nearly 150% at the time of this writing, skyrocketing after the announcement of its sale of a majority stake to the Ibeto Cement Company, based in Nigeria. Its chairman, Dr. Cletus Ibeto, purchased a 70% stake in CYPE. Dr. Ibeto., a prominent billionaire in Nigeria’s fast-growing economy, plans to use to CYPE’s industrial process expertise in the construction of new cement plants (cement is currently a booming industry in West Africa’s regional economy).

Ibeto Cement Plans Public Listing with $850m Investment Deal with Milost

Nigerian billionaire businessman, Mr Cletus Ibeto, is planning to expand his cement business, Ibeto Cement Company Limited, to the global market.

Ibeto Cement, which was pushed out of the Nigerian market by Dangote Cement, is planning to seal a $850 million financing deal with an American private equity firm, Milost Global Incorporated.

A statement issued on Thursday by Milost Global and obtained by Business Post revealed that Mr Ibeto has already executed a binding Milost Equity Subscription Agreement (MESA) with Milost Global for the $850 million deal.

It was gathered that the amount comprises $500 million in equity and $350 million in debt.

In addition, Ibeto, according to the statement, has started the process of going public a reverse merger in the United States as efforts to become a publicly traded company.

“On Friday May 25, the Nigerian Dollar Billionaire Chief Cletus Ibeto will personally consummate the acquisition of a publicly traded company the he will used to reverse the assets of his cement business in America, the final acquisition and definitive agreements have already been executed,” Milost Global said in the statement.