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FG sells Eleme Petrochemicals shares to staff, host communities

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FG sells Eleme Petrochemicals shares to staff, host communities

Post  Admin on Mon Mar 02, 2009 5:10 pm

ABUJA—The Federal Government has given its approval for the Bureau of Public Enterprises (BPE) to sell 10 per cent equity in Eleme Petrochemicals Company limited (EPCL) to the host communities and staff of the company, thus leaving government with five per cent of the company’s shares.
A statement issued by the Head, Public Communications of the bureau, Mr. Chigbo Anichebe, in Abuja, yesterday, explained that out of the 10 % equity, 7.5 % would be sold to the host communities in Eleme in Rivers states and EPCL staff would have 2.5 %.

This decision was taken at a meeting of the National Council on Privatisation (NCP) held at Aso Villa, Abuja, on Thursday, last week.

The council meeting which was chaired by Vice President Goodluck Jonathan, according to the statement, therefore, tasked BPE, to develop appropriate mechanisms for the acquisition of the shares by the beneficiaries.

It said further that in line with the philosophy of the privatisation programme to encourage the participation of host communities and Nigerian workers, approval was also granted that the shares be sold to the stakeholders at a discounted price.

75 % of EPCL had been sold to Indorama, the core investor, for the sum of $225 million in December 2005 while 10 % was sold to the Nigerian National Petroleum Corporation (NNPC) for $30 million.

BPE said the revitalized and privatized EPCL after the successful Turn Around Maintenance has been continuously achieving higher levels of production. It is running at close to 90% capacity and has also realized more than 80% market share in Nigeria for HDPE, LLDPE and PP Raffia.

“With a total investment outlay of $385 million, Indorama has brought in one of the largest Foreign Direct Investment in downstream petrochemical sector, thus ushering confidence in the Nigerian economy and playing a major role in abolishing Gas Flaring in Nigeria.

Future expansion plans of more than $ 2 billion by EPCL make it a strategic investment in downstream petrochemicals sector”, the statement said.

In a related development, NCP also approved that the outstanding 10 % equity in Federal Superphosphate Fertiliser Company (FSFC) be sold to the existing staff of the company.

The 96,634,434 shares are to be sold to the staff at the price of N0.804 per share, the unit price paid by the core investor in 2005.

FSFC was handed over to HEIKO Consortium in January 2006, after it paid N700 million, being the full amount for the purchase of 90 % equity in the company.


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