BUA Group has approached the International Finance Corporation ( IFC) to facilitate fundraising for the company’s expansion project.
The company in a statement sent to the Nigeria Exchange Limited (NGX) and shareholders on Monday, stated that it has entered the discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria.
This would also 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).
This is coming after Aliko Dangote had approached the bond market to raise N187.6 billion from domestic pension funds, asset managers, insurance companies and high net-worth investors.
The borrowed money is to be used to finance its Dangote Petroleum Refinery Project and its Petrochemical Complex.
This comes after Dangote also approached the bond market to raise N187.6 billion from domestic pension funds, asset managers, insurance companies and high net-worth investors.
Dangote borrowed the money to finance its Dangote Petroleum Refinery Project and its Petrochemical Complex; two months after Fitch Ratings reported that the Company will be raising funds from the bond market.