BPE to open IPOs for Indorama Eleme Petrochemicals, others

Within the next two months, the Bureau of Public Enterprises (BPE), plans to make public share offerings for some of the privatised state-owned enterprises (SOEs), in which the Federal Government had diluted a significant amount of its equity.

Among those scheduled for the IPOs are; Indorama Eleme Petrochemicals Limited; Skyway Aviation Handling Company Limited (SAHCOL), 100 per cent owned by the Sifax Group; and Nicon Insurance Limited.

Under the plan, the IPO for the shares of the Nigerian Machine Tools (NMT), Osogbo, Osun State, will be done next year, BPE Director, Development institution and National Resources, Mr. Joe Anichebe, told journalists on Saturday, at a seminar in Abeokuta, Ogun State.

Responding to why many years after the divestment, the Government has not been able to offer the shares of some of the privatised SOEs or list them on the Nigerian Stock Exchange, Anichebe explained, it was a risk the BPE could not afford, as many of the SOEs were not profitable.