Nigerian cement company, Ibeto Cement, has concluded an agreement with US-based private equity firm, Milost Global Inc. to provide financing to support Ibeto’s planned growth. According to a press release from Palewater Advisory Group, which advised Ibeto Cement Co., Milost will provide US$850 million in financing to the Nigerian company.
According to the press release, Ibeto Cement is a private company incorporated in Nigeria that is currently developing two cement plants in the west African country: one in Ebonyi state and one is Cross River state/Abia state. Both plants are to have a capacity of 6000 tpd.
In addition to the financing agreement with Milost, Ibeto Cement is also seeking a reverse merger with a publicly traded company in the US in order to raise financing in the US public markets.
“Our key strategic objective in the vast and extensive development of the vast and extensive development of the cement business in Nigeria and the West African subregion is to make cement affordable for Nigerians and tiers of government in such a way that they should be able to develop modest homes for themselves and their families, inclusive of road infrastructure,” said Dr Cletus Ibeto, Chairman of Ibeto Cement.
In addition to the development of two cement plants in Nigeria, the company has plans to grow beyond West Africa through the acquisition of other profitable businesses outside Nigeria with the next 12 months, the press release concluded.
Read the article online at: https://www.worldcement.com/africa-middle-east/31052018/ibeto-cement-secures-us850-million-financing-deal/
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