BSS Steel Rolling Mills

[hispy99]

BSS Steel Rolling Mill seek N3.5bn via Placement
Posted Monday, November 24, 2008

-To list through IPO


PETER OBIORA

Proshare NI

November 24 2008 at 19: 37 GMT

BSS Steel Rolling Mill Limited is seeking to raise N3.5 billion via Private Placement (PP). This was contained in a Placement Memorandum dated November 07, 2008 and made available to Proshare NI at the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

To raise the N3.5 billion, the Steel Rolling Company is offering to select investors 2.0 billion Ordinary Shares of 50 Kobo each at N1.75 Kobo per share.

Currently, the company has Authorised Share Capital of N1.5 billion comprising of 300 billion Ordinary Shares and N500 million comprising of 11.0 billion Ordinary Shares of 50 Kobo respectively.

The document affirms that the shares being offered rank in pari-passu in all respects with the existing issued Ordinary Shares of the company.

Forecast Offer Statistics extracted from the Reporting Accountants Report, shows that BSS Steel Rolling Mill has projected to pay a 7.05 Kobo dividend to its investors in its 2011 Financial Year End (FYE). While it has projected a 3.86 Kobo dividend for the year 2010 FYE.

However, the dividend per share for the above years ending would be based on 3.0 billion Ordinary Shares of 50 Kobo each that will be in issue upon completion of the Placement.

Projected Turnover is expected to increase from N3.028 billion in year 2008 to N22.498 billion in year 2011 indicating an increase of 643 percent in the forecast period.

In the same vein, the company has affirmed that subsequent to this Placement, it will apply to the Council of the NSE for the admission of the issued and paid up Ordinary Shares of the BSS Steel Rolling Mill to the Daily Official List of the Stock Exchange through an Initial Public Offer (IPO).

Lead Issuing House/Arranger to the Placement is UBA Capital (Africa) Limited and Co-Issuing House is FBN Capital Limited.

While Joint Issuing Houses are Prudential Trust Company Limited and Coretrust & Investment Limited. The Placement is expected to close December 10, 2008.

[kelly5]

Do you have the pp memo
Thank you for making this site my nightcaps

[hispy99]

Originally Posted by kelly5

Do you have the pp memo
Thank you for making this site my nightcaps

Don't have the PP memo, but hopefully someone in the house will upload it here.

[Babs_O]

What does BSS stand for ?. Interested in this one as steel is one of the bedrock of development of any society.

[knightofdelta]

Meeen, I am skeptical anything that has to do with manufacturing...

[BLUEMONEY]

Originally Posted by knightofdelta

Meeen, I am skeptical anything that has to do with manufacturing...

Your Skepticism is in Order.....

[BLUEMONEY]

Nigeria: Chairman Seeks FG's Protection for Local Steel Mills

This Day (Lagos)

26 November 2008
Posted to the web 26 November 2008

Kunle Akogun
Lagos

The Chairman of BSS Steel Rolling Mill Ltd, Alhaji Lateef Jakande, has appealed to the federal government to protect the local steel industry through more incentives to iron rod manufacturers in Nigeria.

Speaking at a board meeting of the company in Lagos yesterday, Jakande, Second Republic Governor of Lagos State, said that incentives like industrial credit facilities, reduction of import duties on steel rolling machines and tax rebates would encourage more investors to go into local steel manufacturing.

Jakande said at the moment, Nigeria was producing less than 20 per cent of its required iron rod needs and that the nation's steel product demands would double within the next decade.

He said Nigeria's iron ore deposits were large enough to make it one of the biggest producers of steel products in the world if properly harnessed.

The former governor added that only adequate production of iron rod and flat sheets would save Nigeria from further exploitation by foreign manufacturers of the products who, he noted, were making their prices beyond the reach of the average Nigerian builders.

Jakande disclosed that BSS Steel Rolling Mill Ltd would produce a minimum of 1000 metric tonnes of iron rod and angle bars daily when its factory project at Abese, near Ewekoro, Ogun State, is completed within the next 18 months.

The rolling mill will also provide about 500 and 3000 direct and indirect jobs respectively for Nigerians when it becomes fully operational.

Already, he said that all its necessary plants had been ordered with the assistance of its German technical partners, Donex Industrial Plant Services.

"I can assure that Nigerians will no longer look outside for quality iron rod when our factory begins operations," the chairman added.

Earlier in an address of welcome, the company's Managing Director and Vice-Chairman, Otunba Yinusa Ayoola Abioye, said that he was encouraged by the interest already shown in the project by many banks and notable Nigerian investors.

He added that the plan of the company to generate its own energy requirements was still on course.


Among other directors present at the meeting was the first military governor of Kwara State, retired Brig.-Gen. David Bamigboye

[Gengen]

Originally Posted by knightofdelta

Meeen, I am skeptical anything that has to do with manufacturing...

KOD,

For your very slight reduction in your skepticism. Saw this post in TradeInvestNigeria.com. However, I hope they will get the required gas (I guess) to generate the electricity. However, anyone that has the PP memo should post it.

Local company unveils plan for steel rolling mill
Fri, 19 Sep 2008 13:56
TradeInvestNigeria Staff

BSS Industries has unveiled a prototype of an iron and steel rolling mill it is going to establish in Nigeria.

During the official unveiling of the venture, Lateef Jakande, former governor of Lagos State and chairman of the company said the project will come on-stream within the next 18 months. The mill will have a production capacity of 1 000 tonnes of iron rods per day.

The company will generate its own electricity to power the facility. It plans on generating a total of 50 megawatts of which 15 mw will be used by the factory while the extra 35 mw will be sold to the Power Holding Company of Nigeria (PHCN).

Jakande added that iron rods are crucial for any type of construction, especially road building.

[Babs_O]

Originally Posted by Gengen

KOD,

For your very slight reduction in your skepticism. Saw this post in TradeInvestNigeria.com. However, I hope they will get the required gas (I guess) to generate the electricity. However, anyone that has the PP memo should post it.

Local company unveils plan for steel rolling mill
Fri, 19 Sep 2008 13:56
TradeInvestNigeria Staff

BSS Industries has unveiled a prototype of an iron and steel rolling mill it is going to establish in Nigeria.

During the official unveiling of the venture, Lateef Jakande, former governor of Lagos State and chairman of the company said the project will come on-stream within the next 18 months. The mill will have a production capacity of 1 000 tonnes of iron rods per day.

The company will generate its own electricity to power the facility. It plans on generating a total of 50 megawatts of which 15 mw will be used by the factory while the extra 35 mw will be sold to the Power Holding Company of Nigeria (PHCN).

Jakande added that iron rods are crucial for any type of construction, especially road building.

This is good development. Please who has the PP document. Once there is gas these guys will sell the way cement sells. This is the PP document I will like to see now.