The NIC-CBA merger deal is expected to be completed by 17th July; this is according to a circular notice issued by NIC Group.
According to the notice, the anticipated timetable to the effect of the merger include ;
- CMA approval of the issue of the NIC Group new shares to the Selling CBA Shareholders: 19th June 2019
- Completion of the Merger: 30th June 2019
- CMA and NSE approval for the admission to Listing of the NIC Group new shares: 15th July 2019
- Date for admission of the new shares for listing: 17th July 2019
“The parties are now in the process of fulfilling the other conditions to the Merger. The Annual General Meeting of CBA will be held on 16th April 2019 where the approvals of the CBA Shareholders required for purposes of the Merger will be sought. It is expected that the Conditions should be fulfilled by 30th June 2019 following which the Merger will be implemented,” part of the notice read.
So far, NIC has received acceptance of the Offer from 29 of the 34 CBA Shareholders holding in aggregate 99.07% of the issued shares in CBA.
NIC has said that following the merger, some of its Directors will resign and new Directors, including representatives of the existing Board of CBA, shall be appointed to represent the new entity.
The new entity will have a new brand name which will be adopted and rolled out in the coming months
“The Management of both NIC and CBA are jointly working with external brand consultants to identify a name/brand that will reflect the identity, values, and aspirations of the newly merged entity. This significant workstream remains ongoing, and it is expected that a new name will be selected in the coming months,” the circular notice indicated.