Trans-national Corporation of Nigeria Plc( Transcorp) has bid for the majority stake in Eleme Petrochemicals in a bid by Dangote Industries, along with others. Many believe that Eleme Petrochemicals may go to the Nigerian companies, opening up Nigeria's mortgage to the global market of Europe and America.
Through its plan the corporation is expected to own and operate refineries, petrochemical plants, independent power plants, modern farms, information technology village and a free export zone. Transcorp plans to achieve this with its entry into the capital market early next year. An estimated N67 billion is expected to be raised through an IPO which is l;ikely to give it the financial capacity to get involved in the upstream and downstream of the nation's oil industry.
In a recap, the Bureau of Public Enterprises (BPE) has pre-qualified 3 companies for the sale of 51% government's stake in the Eleme Petrochemicals. The remaining 49% will be sold to the Nigerian public later this year, expectedly via the capital market.
09-Aug-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}