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Nairaland Forum / Nairaland / General / Business / Ibeto Cement Firm Set For Listing In US Stock Market (12523 Views)
Cement Firm Builds N11b Power Plant / They Shutdown Ibeto Cement Owned By Igbo Man For Dangote To Dominate / Dangote Dumps South African Cement Firm Deal (2) (3) (4)
Re: Ibeto Cement Firm Set For Listing In US Stock Market by aribisala0(m): 11:55am On Jun 06, 2018 |
BeautifulMind2:Empty words.Stop derailing the thread The reality based on information which isinthe public. Century petroleume has NO ASSETS on its balance sheet None. No property, nomoney in the bank, zilch! It has liabilities of $9 million so technically it is probably bankrupt though It is valued as Market Cap=$14 million I am sure Ibeto would love to have a US company but if he is not a citizen or person with a proven financial clout he cannot do so in his own capacity and has to follow the backdoor route of purchasing an interest in a bankrupt company and dressing that up with some stupid "backward merger" terminology. The Balance sheet Profit and Loss statement and Cashflow statement for this business are online. No secret. https://finance.yahoo.com/quote/CYPE/balance-sheet?p=CYPE How can a businessman with integrity tell us it is a"global" entity 1 Like |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by BeautifulMind2: 12:06pm On Jun 06, 2018 |
aribisala0: Ignorant, Ibeto group bought 70% stake century petroleum to enable Ibeto Cement Company Limited to raise sufficient capital in US market to dominate the industry in Nigeria and West African sub region as a whole. Century Petroleum Corp is the vehicle I plan to use as a catalyst of empowerment for all Nigerians and people all over the world as the shares of the company will be traded internationally”. I am extremely excited to have Century Petroleum Corp as future part of the IBETO group and having taken over the reigns as the Chairman of the Board of Directors of the company will enable me to put together teams that will help grow the company and propel it and also members of the board that will help me breathe life into what Century Petroleum will ultimately become. Terms of the Transaction The Proposed Transaction will be structured as an amalgamation, arrangement, takeover bid, share purchase or other similar forms of transactions or a series of transactions that have a similar effect with Ibeto Cement Company Limited acquiring total control of Century Petroleum Corp, whereas, the survivor/legacy of the merger would be called “Ibeto Cement International Corporation”, a transaction that will make Ibeto Cement Company Limited a 70% control shareholder of Ibeto Cement International Corporation (“the merger survivor”). The final structure for the Proposed Transaction is subject to satisfactory tax, corporate and securities law advice for both Century Petroleum Corps and Ibeto Cement Company Limited. Completion of the Proposed Transaction is subject to a number of conditions, including completion of the merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and Finra for the business combination and change of name. In connection with the Proposed Transaction, the Company will be required to, amongst others: (i) change its name to a name requested by Ibeto Cement Company Limited and acceptable to applicable regulatory authorities; (ii) consolidate/consolidation of its outstanding Century Petroleum Shares on a basis to be determined (the “Consolidation”); (iii) replace all directors and officers of the Company on closing of the Proposed Transaction with nominees of Ibeto Cement Company Limited; and (iv) create a new class of non-participating super voting shares that would be issued to the founder of Ibeto Cement Company Limited, Dr. Cletus M. Ibeto, under the Proposed Transaction. In the Proposed Transaction, existing shareholders of the Company as of immediately prior to the completion of the Proposed Transaction would hold post-Consolidated Century Petroleum Shares (whose voting rights will be subordinated) with a value, based on the merger. Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of Ibeto Cement Company Limited) to be filed by the Company in connection with the Proposed Transaction. About Century Petroleum Corp Century Petroleum Corporation operates as an oil and gas exploration company. The Company markets its services throughout the United States. 1 Like |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by kayfra: 12:09pm On Jun 06, 2018 |
aribisala0: It's obviously a shell company just to get him in OTC or pink sheets. No exchange will list that dead beat company But don't rain on their parade. Facts are not fair. Allow the small victories 1 Like |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by BeautifulMind2: 12:14pm On Jun 06, 2018 |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by aribisala0(m): 12:15pm On Jun 06, 2018 |
BeautifulMind2: He has not bought anything yet. At best they have an agreement which I do not dispute. But 70% or a 100% of nothing is nothing. The company has $9 million debts and no assets which makes it bankrupt in my book. Ibeto is not a US citizen or an individual recognized in the US as "high net worth" that is why he is going through this backdoor route to acquire an interest in a bankrupt company. That is business .Fine ! I have no problem with that. What I have a problem with is coming to tell us that a briefcase company is a "global" entity in the oil industry. How? A company that does not have ONE NAIRA in the bank? IT has ZERO ASSETS. That spin may fool ignoramuses like you but the reality is he is paying a premium to get what genuine rich people get for free and spinning a lie in the process. It is not a "global" player. 3 Likes |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by aribisala0(m): 12:20pm On Jun 06, 2018 |
kayfra:It is standard business practice and more grease to him but telling us he has bought a "global entity traded on the US markets" is such a brazen lie to anyone who knows anything about markets it it embarrassing. 2 Likes |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by Nobody: 12:25pm On Jun 06, 2018 |
aribisala0:U are a very bitter man. Celebrate with the man even though he isn't from your tribe. That man is feeding thousands of mouth daily. If we have industrialist like him up to 100 in nigeria,won't it reduce joblessness? Why do Nigerians have so much bitterness in them? 2 Likes |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by BeautifulMind2: 12:39pm On Jun 06, 2018 |
aribisala0:Go to Bloomberg website or reuters Ibeto has bought 70% he is now chairman of Century petroleum
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Re: Ibeto Cement Firm Set For Listing In US Stock Market by aribisala0(m): 12:46pm On Jun 06, 2018 |
BeautifulMind2:So what . Do not make a mountain out of a molehill. That is not the thrust of my issue on this thread . In fact I do not dispute that but the story posted above is different whatver the case that is a side issue as all my post above was on the assumption that it is a done deal. The real issue is what eactly is the deal? He has bought a shell company that is traded OTC . If you do not know what that is then please keep quiet and stop being unruly. My issue is why are we being told that a shell company is a global player 2 Likes |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by kayfra: 12:52pm On Jun 06, 2018 |
aribisala0: I know your beef is the way they sensationalized the story when it's barely a pretty mundane thing to list on OTC via a shell. But it won't be complete without the chest beating. Live and let live. Let them beat their chests. Amaka |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by BeautifulMind2: 12:58pm On Jun 06, 2018 |
aribisala0:You are just a bitter man please can you show me where the reporter said shell company is a global player Ibeto Cement Company Limited has announced a historic reverse merger through its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly-traded petroleum exploration and production company.A statement by the firm stated that it had acquired 70 per cent control of Century Petroleum Corporation resulting in the reverse merging of Ibeto Cement’s assets into Century Petroleum. By this reverse merger, which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the U.S. Stock Exchange. Dr. Cletus M. Ibeto, who had already taken over as Chairman of the Board of Directors, said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far. In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.” He lauded stakeholders in the historic merger, including the government, shareholders, investors, and the larger Nigerian society for this landmark development, which will improve the level of actualisation of the huge cement business opportunities around Africa. “Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corporation is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa. “We will use it as a catalyst of empowerment for all Nigerians the world over as the company’s shares will be traded internationally,” he further said.Meanwhile, analysts believe that as chairman of the new global entity, Ibeto’s success record and vast experience in weathering the storms and growing businesses from scratch in developing economies will aid the actualisation of Nigeria’s potential of exporting cement to other sub-Saharan African countries. Ibeto Cement Company Limited, located in BunduAma, Port Harcourt, Rivers State, began cement bagging operations at its bagging terminal in Port Harcourt in 2005. It is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tonnes and a production capacity of 1,500,000 metric tonnes yearly, which translates to a production capacity of 4,000+ metric tonnes per day. And in line with the Nigerian Backward Integration Policy (BIP) on cement and in response to the Federal Government’s call to increase local production of cement, Ibeto Cement Company Limited acquired the premier Nigeria Cement Company Limited (Nigercem), which has a plant located in Nkalagu, Ebonyi State. The strategic acquisition of Nigercem is aimed at expediting Ibeto Cement’s local production of cement by resuscitating the Nigercem plant and developing the project as a brand new dry process plant. The Company is also developing another 6,000 metric tonnes per day cement plant at Cross River State/Abia State of Nigeria. 1 Like |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by Nobody: 1:00pm On Jun 06, 2018 |
aribisala0: I don't thread words in this forum cos it shows the highest level of insecurity and immaturity from people. Be happy for your fellow man.simple. If what he is doing is fraudulent,let the authorities in charge nail him. Also it will pay to stop being unneccessarily bitter. It clogs the arteries and can do lots of damage to your health later. Anyway,who I to tell u what to do. Carry on!. 1 Like |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by BeautifulMind2: 1:37pm On Jun 06, 2018 |
[quote author=aribisala0 post=68230710][/quote] Press release- Century petroleum Century Petroleum Engages a Public Relations Firm as it Begins the Processes of Preparing for a Form 10 Filing 2018-06-04 Century Petroleum Engages a Public Relations Firm as it Begins the Processes of Preparing for a Form 10 Filing NEW YORK, June 04, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp (OTC Pink:CYPE) (“CYPE” or the “Company”) is pleased to announce that it has engaged Dumbo PR Inc., a New York based Public Relations firm. The engagement allows for Dumbo to provide consulting and management services in the areas of public relations, media relations, and consulting for the company. Dumbo is building a strong reputation as a leading provider of such services. The Company believes that Dumbo is the right choice to advocate for the Company because they have such a strong dedication to moving the diverse industries into the mainstream. Dr. Cletus M. Ibeto, Chairman of Century Petroleum, stated, thus: “We are indeed constrained and happy to engage a qualified and forward-looking Public Relations Consulting Firm in the person of Dumbo PR Inc. in view of the value and importance we attach to what we are doing. We are strongly committed to the success of the Reverse Merger and it is our strong belief that effective communication is a key factor. With the knowledge, qualification and experience of Dumbo PR Inc. in the filed of PR and with what we want and intend to achieve with this process, we have no doubts that Dumbo will professionalize whatever message we will have out there for the Regulators, the industry stakeholders and the general public for the sake of transparency and professionalism”. Erroll A. Booker, Chief Executive Officer of Century Petroleum, also stated, “Century Petroleum has partnered with Dumbo PR Inc. to insure that accurate information is disseminated in a timely manner and to promote the success of Century Petroleum.” ABOUT CENTURY PETROLEUM CORP. [b]Century Petroleum Corp. is an oil and gas exploration and production company. The Company is engaged in the acquisition and exploration of oil and gas properties with a view to exploiting any oil and gas reserves it discovers. The Company has interests in the Thunder Stud Prospect, located in Calcasieu Parish, Louisiana; the Shadyside Farm Prospect, located in St. Mary Parish, Louisiana; the Alligator Bayou Prospect, located in Matagorda and Brazoria Counties, Texas, and the El Grande and Hickory Branch Prospects, located in Beauregard Parish, Louisiana.[/b] Ibeto has moved global bitter ones that can't boast of #1million in bank are busy barking like dogs |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by aribisala0(m): 1:37pm On Jun 06, 2018 |
sassysure: I am not here to teach you English. Fraud is not just about "authorities" Fraudulent claims are not necessarily criminal or the concern of "authorities". You worry about the arteries of your family members Dangote built a refinery and much more and no one heard any noise. Some nonentity buys a shell company and tells us it is a "global" player for a company that does not have one dollar in the bank? When we challenge that we are bitter? No we are conerned about the REPUTATION of Nigerians. When it becomes normal for these kinds of lies to pass unchallenged then foreigners treat us as f lying is our culture. Serious investors would be disappointed when they match the headlines and news story with the reality. The claim of merging with a globalplayer in the oil industry is fraudulent because it is a lie. Has that company ever owned a barrel of oil? He has acquired or is acquiring a briefcase company which he could get for $100 or less if he was a US citizen why then make that out to be something else |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by skales67(m): 2:35pm On Jun 06, 2018 |
aribisala0: Now I know I was actually trading words with a minor! Go and give your dad/mum back their phone which you are using to type this sh*t! 1 Like |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by VULCAN(m): 2:42pm On Jun 06, 2018 |
It's a faceless forum so don't be afraid to say your mind. Be courageous! SLIDEwaxie: |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by DisGuy: 3:34pm On Oct 26, 2020 |
Any updates? |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by DisGuy: 11:56am On Jun 08, 2023 |
DisGuy: Any update? |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by Parachoko: 12:06pm On Jun 08, 2023 |
Anambralstson:So what's the latest? |
Re: Ibeto Cement Firm Set For Listing In US Stock Market by a4cube: 1:59pm On Jun 08, 2023 |
Parachoko:Google the latest. Ibeto has moved on to another deal since sealing the century deal. |
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