Acquisition of 60% shares in Notore Chemical Industries Plc

This is a notification to the Federal Competition and Consumer Protection Commission (the Commission) in respect of a proposed private placement in Notore Chemical Industries Plc (Notore or the Target) by Kwararafa Africa Limited (Kwararafa or the Acquirer), which will result in the issuance of shares amounting to 60% of the issued share capital of Notore to Kwararafa (the Proposed Transaction). Notore is a vertically integrated agro-allied, chemicals, power and infrastructure company situated in Onne (near Port Harcourt), Rivers State, Nigeria. Its shares are quoted on the Main Board of the Nigeria Exchange.

Kwararafa's principal business activity is investing in the manufacturing, storing or trading in fertilizers and other agricultural inputs. The Proposed Transaction involves the Nigerian fertilizer industry, in which the Target primarily operates. It is expected that the Proposed Transaction will have a positive impact on the industry as it will provide much needed capital to the Target to facilitate the overhaul and repair of its machinery as well expand its operations, ultimately benefitting the fertilizer industry and returning profits to the shareholders of the Company.