Shareholders are referred to the cautionary announcement dated 15 December 2021 issued by the CEC Africa Investments Limited (“CECA” or the “Company”) informing the market of the developments in Nigeria in relation to Abuja Electricity Distribution Plc (“AEDC”).

Shareholders are aware that in December 2021 the Bureau of Public Enterprise (“BPE”) who holds shares in AEDC, purportedly appointed an interim Board of Directors and management team to stabilize the operations of AEDC that were being affected by the dispute between the shareholders of KANN Utility Limited (“KANN”).

In response to the alleged takeover of the operations of AEDC, KANN had instituted a suit against the BPE and other parties seeking a court-ordered restraint against interference with the operations at AEDC. Subsequently, the parties agreed to settle the matter out of Court and were due to report to the Court on the negotiated settlement on 26th September 2022. However, at the hearing, the parties informed the Court that negotiations for the settlement had not yet been concluded. The matter was therefore adjourned to 24th November 2022 for the parties to present the Settlement Report.

CECA will inform the public of further developments in the matter as they become known. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s shares until a full announcement is made.

Clara Mvula
Head, Corporate Services

Issued in Lusaka, Zambia on Monday, October 3, 2022