- 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.
FBNQuest Mutual Funds returns 104%
FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.
The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.
The Fund Manager continues to deliver commendable results, as demonstrated by strong performance across all its funds.
The FBN Bond Fund was the best performing of the mutual funds, returning 104.20 per cent over five-year while its US Dollar fund, the FBN Eurobond, returned 48.43 per cent in US dollars over the same period.
The Managing Director of FBNQuest Asset Management, Ike Onyia, said: “Our strong performance track record is premised on the research capabilities, insights and experience of our portfolio management and research teams. Our mutual funds serve as useful investment options useful in formulating unique and value-adding investment strategies for various client segments. This is because our range of mutual funds cut across various asset classes including equities, bonds and money markets.”
“Our funds remain easily accessible, as our goal is to continue to drive financial inclusion and democratise wealth creation, by supporting the financiainclusion and democratise wealth creation, by supporting the financial security aspiration of investors” he added.
Increasingly, financial markets are becoming complex to navigate and as a result, it will not be out of place for investors to actively seek the inclusion of mutual funds in their investment portfolio, which will serve as the structured gateway to such markets. Seeking the help of experienced financial planners to assist you in establishing your risk tolerance levels and advise on suitable options is highly recommended.
SEC Warns Against Proliferation of Unregistered Investment Platforms
The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.
SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.
It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.
The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.
“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”
The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.
Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.
Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.
SoftBank Reaps $33 Billion Coupang Windfall
SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.
Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.
SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.
Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.
Vision Fund is Greensill’s biggest backer.
The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.
Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.
The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.
The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.
The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.
It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.
The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.
SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.
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