PROPOSED ACQUISITION OF AVSATEL COMMUNICATIONS LIMITED BY PRESA CASANIR LIMITED

This notification relates to the proposed acquisition by Presa Casanir Limited (Presa Casanir or the Acquirer) of the 100% issued share capital of Avsatel Communications Limited (Avsatel or the Target).

The Acquirer is a general trading company incorporated to carry on the business of commercial trading, importation and exportation of services, general contract marketing, dealers in sales and suppliers of all products, international trading distribution, supplier, merchandising and to act manufacturers agent.

The Target is engaged in the business of procurement, supply & installation of navigation equipment and after sales maintenance services of navigation equipment; supply, installation and maintenance of fire trucks and other ancillary services. The Targets shareholders are desirous of exiting the business and have accepted an offer from the Acquirer to purchase the entire issued share capital of the Target. The Acquirer has taken advantage of this transaction to transition the Target from a Nigerian company with majority foreign shareholders into an entity wholly owned by Nigerians thereby promoting economic development of the country. The Proposed Merger does not materially change the structure of the Parties respective industries.