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Investors Plan N600billion Fund for Delta Steel Resuscitation

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Tata Steel Ltd
  • Investors Plan N600billion Fund for Delta Steel Resuscitation

Investors in the moribund multi-billion naira Delta Steel Company, Ovwian-Aladja, now Premium Steel and Mines Limited (PSML), have said the resuscitation of the complex would gulp about N600 billion.

Some investors from the United States and Morocco, have reportedly visited the company on Sunday, where they carried out assessment of the facilities, and expressed hope that Premium Steel and Mines Limited (PSML) has done well within the period they took over the company, adding that prospect of a robust industrial revolution in the area was high.

The Chief Executive Officer of PSML, Prasanta Misha, who confirmed the visit of the investors in a telephone interview with The Guardian, said the N600 million would be used for broken down equipment as well as renovating the buildings and a host of many others.

He added that the investors were conducted round the various units and departments of the Steel Complex with the assurance of imminent resuscitation to boost the local economy.

But investigation revealed that unpaid workers of the company had allegedly vowed to resist the resuscitation project unless their outstanding salaries were paid. One of the workers who preferred anonymity, said: “we will disrupt workings on the project unless the investors pay our outstanding salaries.”

In a swift reaction, Misha flayed the plan by workers to disrupt the resuscitation project, assuring that their outstanding would be settled.

The international investors were said to have been taken to the DSC harbor, Direct Reduction (DR) plant and the pellet plant, Lime Plant, Rolling Mill, Electric Arc Furnace, and the Continuous Caster. They also went to the other auxiliary units of the plant such as the foundry, electrical and mechanical maintenance workshops and water supply system.

The investors equally inspected the fire and safety, heavy equipment workshops, the rolling mill section, the SMS section, the Nigeria Gas Company, NGC, the major supplier of gas to the plant, the DSC schools and hospitals among other assets in the complex.

The team of American investors led by Sekar Rejendran, in a chat expressed confidence with the management and ingenuity of PSML since they took over the company.

They assured that in no distant time DSC would come alive again, as they were fully prepared to mobilise fund to revamp the company and bring it back to production level again.

Mishra had earlier expressed delight with the coming of the investors, assuring that Udu, Delta State and Nigeria at large would soon experience a boom in the steel sector with the resuscitation of the Aladja Steel Plant.

He called on the host communities to continue to cooperate with the management, as thousands of unemployed youths from the area would soon have reason to smile as the company is poised to employ qualified persons soon.

The teams of investors from the two countries include M. Ahmed Mssali, DEBBRAH Mohammed Amine, SekarRejendran (from America), Rajesh Devarajahn, Tilak Raj Chaudhry and Subrahmanyam Paparaju.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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