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Dangote, Flour Mills bid for FG companies in Benin Republic

Category: Oil Sector


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Dangote, Flour Mills bid for FG companies in Benin Republic

May 07, 2007

 

 

<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><?xml:namespace prefix = st1 ns = \"urn:schemas-microsoft-com:office:smarttags\" /><st1:place w:st=\"on\"><st1:PlaceType w:st=\"on\"></st1:PlaceType></st1:place><?xml:namespace prefix = o ns = \"urn:schemas-microsoft-com:office:office\" /><o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>Six companies, including Dangote Industries Limited and Flour Mills of Nigeria Plc, are jostling to buy the Federal Government’s shares in two companies located in the <st1:place w:st=\"on\"><st1:PlaceType w:st=\"on\">Republic</st1:PlaceType> of <st1:PlaceName w:st=\"on\">Benin</st1:PlaceName></st1:place> .<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>The two companies are the <SPAN style=\"TEXT-DECORATION: underline\"><STRONG>Onigbolo Cement Company </STRONG></SPAN>where the Federal Government owns 43 per cent shares and the <STRONG><SPAN style=\"TEXT-DECORATION: underline\">Save Sugar Company </SPAN></STRONG>where it owns 46 per cent equity.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>The Bureau of Public Enterprises said this in a statement released in <st1:City w:st=\"on\"><st1:place w:st=\"on\">Abuja</st1:place></st1:City> on Sunday by its Head of Public Communication, Mr. Chigbo Anichebe.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>While four firms have expressed interest to buy into the cement company, two have indicated interest to buy into the sugar firm.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>The four firms that indicated interest to be strategic investors in Onigbolo Cement Company are Dangote Industries Limited, Flour Mills of Nigeria Plc, SCB Lafarge and BUA International Limited.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>For the Save Sugar Company, BUA International and Savannah Sugar Company Limited have indicated interest to acquire the Federal Government’s shares.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>Onigbolo Cement Company is a joint venture between the governments of <st1:country-region w:st=\"on\">Nigeria</st1:country-region> and the <st1:place w:st=\"on\"><st1:PlaceType w:st=\"on\">Republic</st1:PlaceType> of <st1:PlaceName w:st=\"on\">Benin</st1:PlaceName></st1:place> .<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>It was established in 1976 and inaugurated in 1982. Apart from <st1:country-region w:st=\"on\">Nigeria</st1:country-region> , the <st1:place w:st=\"on\"><st1:PlaceType w:st=\"on\">Republic</st1:PlaceType> of <st1:PlaceName w:st=\"on\">Benin</st1:PlaceName></st1:place> owns 51 per cent while the technical partner, F.L Smith, owns six per cent.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>It has an installed production capacity of 500,000 metric tonnes of cement per year and an integrated plant that uses limestone and clay found on location.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>In the Save Sugar company, the <st1:place w:st=\"on\"><st1:PlaceType w:st=\"on\">Republic</st1:PlaceType> of <st1:PlaceName w:st=\"on\">Benin</st1:PlaceName></st1:place> owns 49 per cent equity while technical partner, Lonrho of London, has five per cent.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>It has an installed production capacity of 35,000 metric tonnes of sugar per annum. Apart from sugar, the company also produces alcohol.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>Established in 1982, it began operations in 1983. It is currently leased to the China National Complete Plant Import and Export Corporation Group.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>BPE had in March, indicated that the Federal Government would be selling its shares in the companies to prospective investors.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB>According to the privatisation agency, as a proviso for pre-qualification, applicants were expected to have proven record in ownership, financial capability and technical competence in sugar, cement or similar companies.<I style=\"mso-bidi-font-style: normal\">-<SPAN style=\"FONT-SIZE: 8pt; COLOR: #dcdcdc\">Punch</SPAN></I></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB><o:p>&nbsp;</o:p></SPAN></P>



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