Our divestment plan for PAN Nigeria still on track – AMCON

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Our divestment plan for PAN Nigeria still on track  – AMCON

Asset Management Corporation of Nigeria, AMCON, has said  its divestment plan  for PAN Nigeria Limited, assemblers of Peugeot brand of automobiles in Nigeria is still on track. The corporation said it has not finalised plans to sell the plant to any of the bidders.

Head, Corporate Communications, AMCON, Mr. Jude Nwauzo told Vanguard yesterday that they have not finalised who the company will be sold to. This was in reaction to an advertisement by Dangote Group that it was going to build another Peugeot plant for the assembling of Peugeot brand in Nigeria. “We have not finalised who we are going to sell to. So many interests are there. We have financial advisers, we allow them to do their job”, he said.

He said Dangote bidded like others for the plant and has not opted out yet according to the corporation’s record.

 Peugeot models.

Meanwhile, the representative of Peugeot Automobile France in Nigeria, Mr. Eric Maydiey told  reporters  reasons the company settled for Dangote.

Peugeot Automobile France, has officially confirmed why  Dangote Group and some other interests (floating a joint venture) decided to abandon its bid to buy over PAN Nigeria Limited from the Asset Management Corporation of Nigeria (AMCON).

Speaking  in Lagos yesterday, the representative of Peugeot Automobile France in Nigeria, Mr. Eric Maydiey, said the joint venture, known as Dangote Peugeot Automobile Nigeria (DPAN), decided to opt out because over a year after bidding for the company with 52m Euros (over N21b), AMCON is yet to declare it as the winner of the bid.

According to him, DPAN has decided to build another Complete Knock-Down (CKD) auto assembly line in another location in Kaduna, which will be more modern and cheaper to achieve.

He stated  “We  plan to do CKD in the new plant because CKD has a lot of advantages, but with SKD (Semi-Knock Down), there is no advantage to the country”.The Peugeot boss affirmed that with the recent development, PAN Nigeria will no longer have the franchise to produce Peugeot vehicles in its Kakuri, Kaduna plant again.

According to him, DPAN plans to start the production of vehicles in its new assembly plant in Dutse, Kaduna, along the Abuja-Kaduna expressway by 2019.

 

The post Our divestment plan for PAN Nigeria still on track – AMCON appeared first on Vanguard News.

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