The Nigerian public is being offered 49% of the shares in Eleme Petrochemical Company, while 51% of the government's equity is expected to be sold to core investors.
Transnational Corporation of Nigeria Plc (Transcorp), a mega company floated by leading private sector operators, is bidding for the acquisition of the Eleme Petrochemical Company. Transcorp seems to be doing so in its capacity as a senior partner to Dangote Chemical Company Limited, which is also bidding for the acquisition of the plant. It could not bid for Eleme Petrochemical Company directly because it has yet to be officially launched by President Obasanjo. The Bureau of Public Enterprises (BPE) has pre-qualified three companies: Dangote Chemical Company Limited, LG Chemical Limited, a subsidiary of LG Electronics Inc. of South Korea and Indorama Group, a multinational company. Besides revamping the company's existing plants, the planned privatisation is expected to provide the resources needed for the completion of the two remaining stages in the expansion programme of the Petrochemical plant.
02-Aug-05 
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