Ibeto Cement secures US$850m funding from Milost Global

Business News

Ibeto Cement has signed a deal with Milost Global for US$850m.

The US-based private equity firm will provide US$500m in equity and US$350m 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 US$386m contract with China’s Sinoma in late 2015 to build a cement plant in Enugu.

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