Ibeto Cement Secures $850 million Funding From Milost Global

Ibeto Cement Secures $850 million Funding From Milost Global

Ibeto Cement has signed a deal with Milost Global for $850 million.
The US-based private equity firm will provide $500 million in equity and $350 million as debt to the cement producer, according to Bloomberg.
In a separate development Ibeto Cement has also entered into a reverse merger with Century Petroleum, an oil and gas exploration company.
Ibeto Cement has operated a cement terminal in Port Harcourt since 2005. It is also renovating the former Nigercem plant in Nkalagu. It announced a $386 million contract with China’s Sinoma in late 2015 to build a cement plant in Enugu.