Nigerian News Headlines Today | Breaking Newspapers News

Noodles Affairs: Indomie buys Dangote plants in Ikorodu, Calabar

0 1

Indomie Noodles buy two Dangote Noodles plants in Calabar, Ikorodu

Dangote Noodles Limited, a unit of Nigerian company Dangote Flour Mills, has sold two production lines in Ikorodu and Calabar,  to rival pasta maker De United Foods Industries, maker of Indomie Noodles.

The transaction is valued at  3.75 billion naira ($12.26 million).

De United said it has signed an agreement with Dangote Noodles to buy the plants. It would also buy stock worth 383.94 million naira.

The deal comes after Dangote sold a small stake in its cement business to foreign investors in a one-off stock market deal valued at 27 billion naira.

Dangote Flour Mills, majority owned by Africa’s richest man Aliko Dangote, had said it wanted to quit the noodles business to focus on flour and pasta production, analysts say.

Nigeria’s noodle market is fiercely competitive and De United with a market share of around 70 percent is seeking to consolidate the sector.

Privately-held Dangote Industries Limited,…

Read More…..NAN