CIC shareholders accept P855m takeover bid

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Shareholders of CIC Energy, developers of the Mmamabula Energy Project, have voted in favour of a proposed P855 million ($114 million) takeover of the firm by Indian company, Jindal Steel and Power Limited (JSPL).

At a special shareholders meeting held in Mauritius on Monday, 97 percent of votes cast were in favour of the proposed acquisition.

 "As per the terms of the merger agreement with Jindal and its wholly-owned subsidiary, Jindal (BVI) Ltd., CIC Energy will merge with Jindal BVI, with Jindal BVI being the surviving entity.

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