Thursday, August 23, 2007

Offor's Chrome Energy To Issue New Shares On Foreign Exchanges

In an unexpected but logical move, Sir Emeka Offor's wholly-owned Chrome Group is branching out into ethanol production and offering shares on two exchanges far from the purview of the U.S. Securities Exchange Commission, the official Chinese news agency Xinhua reported yesterday.

Nigerian industrial giant lists two subsidiaries on oversea bourses
+ - 21:34, August 22, 2007

Nigeria's industrial giant Chrome Group has announced plans here to list two of its subsidiaries on the European and Middle East Stock Exchanges.

In a statement signed by the Group's Chief Communications Officer, Val Orji, and made available to the media in Lagos on Tuesday, Chrome said that the listing "was part of a comprehensive growth strategy which they intend to implement in the next two years".

It said that to achieve the growth target, it had signed a multidimensional Memorandum of Understanding (MOU) with some international partners including Nigeria's state-owned NNPC on joint ventures on exploitation of ethanol.

The company said that with a vision of becoming one global producer of ethanol fuel, it had commissioned feasibility studies on sugarcane and ethanol production.

The Group, owned by Sir Emeka Offor, is into in oil and gas, insurance, port inspection services, bio-fuels energy production, petroleum products trading, real estate, logistics and dredging services.

Chrome Oil Services Ltd., the Group's pioneer company commenced business in early 1990's and has handled key projects like Turn Around Maintenance of the Port Harcourt refinery, Nigeria's largest oil refinery.

Source: Xinhua

No comments: