The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

Noodles: Indomie buys Dangote plants in Ikorodu, Calabar

News Agency by News Agency
November 15, 2017
in Top News
0
SHARES
14
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Dangote Noodles Limited, a unit of Nigerian company Dangote Flour Mills, has sold two production lines in Ikorodu and Calabar,  to rival pasta maker De United Foods Industries, maker of Indomie Noodles.

The transaction is valued at  N3.75 billion ($12.26 million).

You might also like

NDLEA Arrests Lagos Businessman, Wife, Daughters Over Family-Run Drug Network

Police Declare CSO, CoS Wanted For Attack On Rivers LG Administrator Police

‘Nine killed’ As Boko Haram Attacks Borno Community

De United said it signed an agreement with Dangote Noodles to buy the plants.

It would also buy stock worth 383.94 million naira.

The deal comes after Dangote sold a small stake in its cement business to foreign investors in a one-off stock market deal valued at N27 billion.

Dangote Flour Mills, majority owned by Africa’s richest man Aliko Dangote, had said it wanted to quit the noodles business to focus on flour and pasta production, analysts say.

Nigeria’s noodle market is fiercely competitive and De United with a market share of around 70 per cent is seeking to consolidate the sector.

READ ALSO: The Next Edition Recharge Card Promo

Privately-held Dangote Industries Limited, with interests in agriculture, real estate and truck assembly, bought back the flour unit it had sold to South Africa’s Tiger Brand in 2015 after it posted losses.

Shares in Dangote Flour Mills have more than doubled so far this year after rising 276 per cent last year.

The stock price was down 3.17 per cent on Tuesday at N9.20 .

Dufil Prima Foods, the parent of De United Foods, is a privately held company set up over two decades ago, which has grown to become the largest pasta maker in West Africa.

De United said the transaction had been approved by both companies and the regulators.

A banking source close to the deal said that De United would continue to produce noodles under the Dangote brand for two years after the acquisition.

In July Dufil Prima Foods said it would raise 40 billion naira in the local debt market to broaden its funding base.

Tags: businessCalabarDangoteIkoroduIndomienewsNEXT EDITIONNoodlesplantsTop news
News Agency

News Agency

Recommended For You

NDLEA Nabs Drug Trafficker, Recovers Three Cocaine Parcels

NDLEA Arrests Lagos Businessman, Wife, Daughters Over Family-Run Drug Network

  The National Drug Law Enforcement Agency (NDLEA) has announced it has taken into custody a businessman identified as Ajah Johnson Uchenna, his wife Rosemary Uchenna, and their...

FCT Police Take Custody Of Suspect Accused Of Taking Woman To Hotel For Ritual

Police Declare CSO, CoS Wanted For Attack On Rivers LG Administrator Police

  The Rivers State Police Command has declared the Chief of Staff (CoS), Aloni Olodi and Chief Security Officer (CSO), Hector Ekakita of Ahoada East Local Government Area,...

Cholera Cases

‘Nine killed’ As Boko Haram Attacks Borno Community

Nine people have been killed and four others injured in an attack by Boko Haram insurgents on Malam Fatori, a town in Abadam LGA of Borno state. The...

Kaduna Govt Charges ‘Fake’ Doctor Who Worked For 11 Years To Court

Medical Doctor, 2 Others Remanded For Alleged Child Theft In Anambra

  The Anambra State Children, Sexual and Gender-based Violence Offences Court sitting in Awka has remanded a 72-year-old doctor and two women for allegedly stealing and selling a...

Next Post

FIFA resumes ticket sales for Russia World Cup Thursday




Related News

Alleged Rape, Assault: NAWOJ Urges Fast, Unbiased Probe Of Kogi commissioner

Appointment: NAWOJ Lauds Governor’s Wife

US Mission Advocates Enhanced Involvement Of Women In Leadership Positions In Nigeria

US Mission Advocates Enhanced Involvement Of Women In Leadership Positions In Nigeria

BREAKING: President Tinubu Nominates Cardoso New CBN Governor

Senate Screens Nominees For CBN Gov., Deputies Tuesday




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited