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Notore is on the verge of being acquired

Notore is on the verge of being acquired

12 April 2024

Rumours suggest that Nigeria's third-largest urea producer, Notore Plc, is on the verge of being acquired. Speculation points towards a consortium, which is rumoured to be led by a prominent Nigerian fertilizer importer and distributer – 𝗰𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝘀.

In January 2024, Notore Plc Chemical Industries announced plans to seek shareholder authorization for a private placement to raise an additional N105,791,844,375 (85 million USD). Th private placement was planned to be offered to an identified investor, with the timing, terms, and conditions to be determined by the Board of Directors. However, the completion of the transaction is subject to various conditions precedent, including obtaining approvals from relevant regulatory bodies.

Notore Plc Chemicals Industries Plc is a prominent fertilizers and agro-allied company in Nigeria. Its primary activities include manufacturing, treating, processing, producing, supplying, and dealing in nitrogenous fertilizer and substances aimed at enhancing soil and water fertility. The company's Urea Plant is located in Onne, Rivers State, Nigeria, with a nameplate annual capacity of 500,000 metric tonnes. However, actual production has been lower than the nameplate capacity.

Notore transacted with around 68 local key distributers in 2023.

AFRIQOM Market Reporter

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