Ibeto Cement has concluded an agreement with US-based private equity firm, Milost Global Inc. to provide financing to support Ibeto’s planned growth. According to a press release from Palewater Advisory Group, which advised Ibeto Cement Co., Milost will provide $850 million in financing to the Nigerian company.
Ibeto Cement is currently developing two cement plants in Nigeria: one in Ebonyi State and other one is Cross River State/Abia State. Both plants are to have a capacity of 6000 tpd.
In addition to the financing agreement with Milost, Ibeto Cement is also seeking a reverse merger with a publicly traded company in the US in order to raise financing in the US public markets.
“Our key strategic objective in the vast and extensive development of the vast and extensive development of the cement business in Nigeria and the West African subregion is to make cement affordable for Nigerians and tiers of government in such a way that they should be able to develop modest homes for themselves and their families, inclusive of road infrastructure,” said Dr. Cletus Ibeto, Chairman of Ibeto Cement.
In addition to the development of two cement plants in Nigeria, the company has plans to grow beyond West Africa through the acquisition of other profitable businesses outside Nigeria within the next 12 months.
