Finance
Ibeto cement to get $850m Milost funding
Ibeto Cement Co. Ltd., a privately owned Nigerian producer of the building material, signed a deal to get $850 million in financing from Milost Global Inc, according to the New York- based private equity firm.
Milost will provide $500 million in equity and $350 million as debt to the Nigerian cement maker, Milost said in a statement on its website, citing a “binding” agreement by the two parties. The company operates a cement-bagging facility in the southern city of Port Harcourt and is currently rehabilitating Nigercem, a former state-owned plant in the southeastern town of Nkalagu, which it acquired.
The announcement of a deal with Ibeto is coming weeks after Nigerian company Japaul Oil & Maritime Services Plc said it was pulling out of a $350 million funding deal with the U.S. firm, citing what it called “red flags.” Milost in March ended talks to provide $1 billion to Nigeria’s Unity Bank Plc alleging threats by some suspected shareholders. The lender denied entering a binding agreement with the private equity firm, saying talks were only preliminary.
-
Oil and Gas2 days agoNUPRC vows not to approve divestments that doesn’t meet considerations
-
Oil and Gas2 days agoIran eases Strait of Hormuz transit rules amid oil shock
-
Finance2 days agoCardoso seeks collaboration to check cross‑border financial risks
-
Oil and Gas2 days agoCourt orders forfeiture of $13m linked to Aisha Achimugu’s firm
-
Oil and Gas2 days agoOil falls as reports of 15-point proposal spurs ceasefire hopes
-
Economy2 days agoNigeria to launch trade platform at ports as part of reform push
-
Finance2 days agoCourt nullifies CBN’s regulatory intervention in Union Bank in 2024, rules it acted beyond its powers