Milost Global Inc, a New York- based private equity firm which recently terminated a recapitalization deal with Nigeria’s unity bank has diverted its funding to Ibeto Cement Co. Ltd., a privately owned Nigerian producer of the building material with $850 million in financing.

Bloomberg report said 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.

Bloomberg said: “Calls for comment didn’t go through on numbers listed on Ibeto’s website for its corporate office in the southeastern city of Nnewi. There was no immediate response to an emailed message. 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.

https://www.financialwatchngr.com/2018/05/29/after-failed-unity-bank-deal-milost-global-settles-for-ibeto-cement-with-850m-investment/

Mynd44
Lalasticlala
Seun
Lalasticlala
uboma
davide470

That's good. The return of Ibeto! Obasanjo in his jealousy and hatred of ndigbo decided to cripple Ibeto. I hope he is shocked to see ibeto waxing stronger. Let my enemies live and see what i will be in d future.

adadike:
That's good. The return of Ibeto! Obasanjo in his jealousy and hatred of ndigbo decided to cripple Ibeto. I hope he is shocked to see ibeto waxing stronger. Let my enemies live and see what i will be in d future.

adadike and asadike, please stop this ethnic bias every time Igbos are mentioned.

An average igbo man doesn't know politics is played in Nigeria or play by rules. You people are not the only Igbos on nairaland for heave sake. Why must all your post be Igbos vs them? Every forking time?