8th February, 2017
Investment One Financial Services, a leading financial services firm in Nigeria, says it has perfected the acquisition of the assets of Universal Steel Ltd by a group of private investors.
Mr Nicholas Nyamali, the Group Chief Executive of Investment One, disclosed this in a statement in Lagos on Wednesday.
Nyamali said that the company acted as the sole financial adviser and arranger.
He said that the company brought together a group of private investors to complete the acquisition following the decision of the core investors to sell the company.
“Following the acquisition of the assets, Universal Steel will be wound down by the original shareholders/vendors.
“We are very pleased to have led the execution and completion of this transaction as Universal Steel is a reputable company with a long track-record in the domestic steel production industry.
“We are also very pleased with our ability to arrange private investors to complete the acquisition in record time despite the tough liquidity and economic conditions in the country today,” he said.
Universal Steels Ltd is a leading steel manufacturer with over 50 years of operation in Nigeria.
At its peak, the company had an installed capacity of 120,000 MT/annum at its 10-hectare production facility in Ikeja Industrial Scheme in Ogba, Lagos.