The Asset Management Corporation of Nigeria has invited prospective investors to submit Expressions of Interest for the acquisition of its stake in PAN Nigeria Limited.
PAN, formerly Peugeot Automobile Nigeria Limited, is a joint venture between the Federal Government and Peugeot, the major French automaker, with Peugeot Citroen as the technical partner to the assembly plant. The company currently has capacity to assemble 240 cars a day, according to information on its website. Its annual production capacity in the 1980s was 90,000 cars.
In a publication on Tuesday, AMCON said it owned 79.31 per cent of the share capital of PAN, having acquired the stake four years ago after purchasing the company’s debt and taking some as equity.
Reuters reported that its operations nosedived and the company accumulated bad loans shortly after the government sold its stake via a privatisation arrangement to local core investors in 2006.
The Asset Management Corporation of Nigeria has invited prospective investors to submit Expressions of Interest for the acquisition of its stake in PAN Nigeria Limited.
PAN, formerly Peugeot Automobile Nigeria Limited, is a joint venture between the Federal Government and Peugeot, the major French automaker, with Peugeot Citroen as the technical partner to the assembly plant. The company currently has capacity to assemble 240 cars a day, according to information on its website. Its annual production capacity in the 1980s was 90,000 cars.
In a publication on Tuesday, AMCON said it owned 79.31 per cent of the share capital of PAN, having acquired the stake four years ago after purchasing the company’s debt and taking some as equity.
Reuters reported that its operations nosedived and the company accumulated bad loans shortly after the government sold its stake via a privatisation arrangement to local core investors in 2006.
The BUA Group has announced the divestment of its flour business to Olam International in a deal worth $275m.
The Founder and Executive Chairman, BUA Group, AbdulsamadRabiu, said, “This agreement signing marks a major milestone in our medium-term strategy. Over the years, we have run one of the largest and most efficient flour milling businesses in Nigeria and are confident in the value it will add to the buyer’s operations.
“Our group’s strategic focus will now be to diversify to business areas with greater potential for export where the sourcing and utilisation of foreign exchange is less and most of the materials needed for production can be sourced locally, whilst also positioning our current line of foods and infrastructure business for market leadership.”
Speaking on the group’s medium-term growth strategy, Rabiu, said expanding the backward integration of its sugar plantations in Kwara and Kogi states was critical.
“Extensive work is ongoing in Lafiagi, Kwara State, with over 20,000 hectares, and we have another 50,000 hectares of farmland in Bassa, Kogi State. These two operations form the fulcrum of our backward integration programme for sugar and this will further reduce the country’s dependence on imported raw sugar, while supporting the value chain in sugar production within Nigeria.”
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