BusinessDay... the voice of business: Investors to inject N18bn into aluminium smelter company in Akwa Ibom

Investors to inject N18bn into aluminium smelter company in Akwa Ibom
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Tunji OLAWUNI on 07 January, 2008 08:00:00
 
The additional fund is to be provided by aluminum producing giant Rusal, which
holds 77.5 percent shares in the company, while its partners, Ferrostaal AG and
the Federal Government, will in the next three years facilitate the process.
Alexander Bulygin, Rusal chief executive, said his company would be injecting
high-class technology and expertise into the company.
"With its technology and expertise, Rusal will ensure that Alscon products are
highly competitive, transforming the smelter into a key driver behind the
development of the Nigerian economy and our business in the region," Bulygin
said.
According to him, Rusal as one of the largest inventors in the country is also
ready to contribute to the country’s industrial growth.
He said the acquisition of Alscon through the privatisation was part of
Rusal’s strategy to boost aluminum production in the country and sub-region
and strengthen the company’s position in the industry.
Rusal acquired 77.5 percent shares in the company, while Ferrostaal AG and the
Federal Government, as minority shareholders, hold 7.5 percent and 15 percent
respectively.