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   Market Date: 21-10-2014   
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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

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 Republic of Benin .


The two companies are the Onigbolo Cement Company where the Federal Government owns 43 per cent shares and the Save Sugar Company where it owns 46 per cent equity.


The Bureau of Public Enterprises said this in a statement released in Abuja on Sunday by its Head of Public Communication, Mr. Chigbo Anichebe.


While four firms have expressed interest to buy into the cement company, two have indicated interest to buy into the sugar firm.


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.


For the Save Sugar Company, BUA International and Savannah Sugar Company Limited have indicated interest to acquire the Federal Government’s shares.


Onigbolo Cement Company is a joint venture between the governments of Nigeria and the Republic of Benin .


It was established in 1976 and inaugurated in 1982. Apart from Nigeria , the Republic of Benin owns 51 per cent while the technical partner, F.L Smith, owns six per cent.


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.


In the Save Sugar company, the Republic of Benin owns 49 per cent equity while technical partner, Lonrho of London, has five per cent.


It has an installed production capacity of 35,000 metric tonnes of sugar per annum. Apart from sugar, the company also produces alcohol.


Established in 1982, it began operations in 1983. It is currently leased to the China National Complete Plant Import and Export Corporation Group.


BPE had in March, indicated that the Federal Government would be selling its shares in the companies to prospective investors.


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.-Punch


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