Cement manufacturers, BUA Cement Plc, says it has opened discussions with the International Finance Corporation (IFC) and other parties to explore the possibility of raising funds to expand its cement plant at Kalambaina, Sokoto State.
Deputy Company Secretary, Hauwa Garba Satomi, who disclosed this in a notification to the Nigerian Exchange Limited (NGX) on Monday, said the facility would help finance expansion of the plant’s capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA.
The notification reads: “In furtherance of our disclosure obligations pursuant to Chapter 17 of the Rulebook, BUA Cement Plc (BUA Cement) hereby notifies Nigerian Exchange Limited (NGX), its esteemed shareholders and the investing public that the Company has gone into discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool.”
She said the move is, “to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project).
“Please be assured that the Company shall notify NGX and the investing public on any further developments.”
…the Company has gone into discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool.
