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(Plastemart) -- The Bureau of
Public Enterprises (BPE) has denied selling the 5% Federal Government shares in
Eleme Petrolchemical Co Ltd. illegally for N4.375 bln to Inorama, as per
Nigerianpilot. As per its spokesman, the bureau has always adhered to
the National Council on Privatization’s approval for sales of government
entities, that the Eleme Petrochemical transaction was not an exception. He
elaborated that EPCL was about to embark a on multi-billion dollar expansion
programme, and that the inherent threat of FGN’s five per cent shareholding
being diluted as a result of recapitalization, necessitated the decision by the
Technical Committee of the National Council on Privatisation to negotiate the
price for the sale of the shares, on the understanding that the approval of the
National Council on Privatisation would be obtained before closure of the
transaction.
mrcplast.com
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