New firm takes over Peugeot in Nigeria

Nigeria has formally handed over a 54.87 stake it held with France in Peugeot Automobile of Nigeria (PAN) to the firm's new core investor, under a privatisation programme, an official said. . Nigeria divested 24.87 percent of its equity in the ailing PAN while the French government also conceded to shed 30 percent interest in the company, which was turned over to ASD Motors Nigeria. . Officials of the state-run Bureau of Public Enterprises (BPE), the nation's privatisation agency, carried out the handover Thursday in the northern city of Kaduna, BPE spokesman Joe Anichebe, who witnessed the ceremony, told AFP. . The BPE concluded the privatisation of PAN last October when ASD Motors Nigeria emerged as the core investor after a financial bid with an offer of 31.2 million dollars (24.1 million euros). . PAN, established in Nigeria in October 1969, was incorporated in December 1972 as a limited liability company. . PAN's assembly plant, located in Kaduna, was officially inaugurated in March 1975 by the then military head of state, General Yakubu Gowon. Nigeria's harsh economic climate, coupled with stiff competition from other international auto manufacturers, made the fortunes of PAN nosedive in the past years. � AFP Nigeria has formally handed over a 54.87 stake it held with France in Peugeot Automobile of Nigeria (PAN) to the firm's new core investor, under a privatisation programme, an official said. . Nigeria divested 24.87 percent of its equity in the ailing PAN while the French government also conceded to shed 30 percent interest in the company, which was turned over to ASD Motors Nigeria. . Officials of the state-run Bureau of Public Enterprises (BPE), the nation's privatisation agency, carried out the handover Thursday in the northern city of Kaduna, BPE spokesman Joe Anichebe, who witnessed the ceremony, told AFP. . The BPE concluded the privatisation of PAN last October when ASD Motors Nigeria emerged as the core investor after a financial bid with an offer of 31.2 million dollars (24.1 million euros). . PAN, established in Nigeria in October 1969, was incorporated in December 1972 as a limited liability company. . PAN's assembly plant, located in Kaduna, was officially inaugurated in March 1975 by the then military head of state, General Yakubu Gowon. . Nigeria's harsh economic climate, coupled with stiff competition from other international auto manufacturers, made the fortunes of PAN nosedive in the past years. � AFP

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