GREENWICH MERCHANT
REQUEST FOR EXPRESSION OF INTEREST PROJECT EARTH: STRATEGIC SALE OF A CLAY BRICK MANUFACTURING COMPANY IN SOUTH WEST NIGERIA
DEADLINE: 10TH DECEMBER, 2020

(1) A State in the South West of Nigeria (the ‘State’) seeks to divest majority of its stake in a Clay Brick Manufacturing Company (the ‘Company’) that has a production capacity of 20 million bricks or 50,000 Tonnes/Annum.

(2) Consequently, Greenwich Merchant Bank Limited (‘Greenwich’) was engaged to act as financial Adviser in connection with the proposed sale of majority stake in the Company.

(3)  On behalf of the State, Greenwich is pleased to invite Prospective Investors (‘PIs’) to formally submit an Expression of Interest (“EOI”) indicating their interest to bid for the sale. The Proposed Sale is hereinafter denoted as the ‘Sale’ or “Transaction”.

(4) The Transaction shall be by way of a competitive bidding process.

(5) Submission Requirement: Prospective Investors (qualified entities or consortia) should Indicate their interest by submitting an EOI with the following documentation and Information, as applicable, under the subject titles stated below (same information should be provided for each member of a consortium);

  • Profile of bidding entity or vehicle stating clearly: Lines of business and Track record of investments in similar investments.
  • Evidence of registration in country of domicile such as Certificate of Incorporation, Particulars of Directors/and Return of Allotments of Shares.
  • Ownership of the bidding entity or vehicle, identifying all shareholders with 5% or above.
  • In the case of a consortium, identify the roles of each member in the consortium.
  • Full name(s) of contact person(s), email address(es) and telephone number(s).
  • Evidence of financial capacity:

(a) Audited Financials of the bidding entity for the last three (3) years and recent Management Account. A Statement of Affairs where the company has no prior financial track record.

(b) Statement on source(s) of funding for purchase consideration

  • Any relevant information that demonstrates credibility and eligibility for the transaction; and
  • Information checklist required for appraisal of the Company to inform Investment

(6) Submission of Expression of Interest: Interested entities are required to submit their Expressions of Interest in English Language and titled ‘PROJECT EARTH: EXPRESSION OF INTEREST

The EOI should be sent either by email or hard copies not later than 5:00pm (Nigerian time) on 10 December, 2020.

Michelle Okoyomo/Kobimdi Ezeife
Greenwich Merchant Bank Limited
Plot 1698A, Oyin Jolayemi Street Victoria Island, Lagos.
Tel No: +234 8058 101108

(7) Upon receipt and evaluation of the EOI bidders that have met certain criteria from a financial and strategic perspective, will be shortlisted, notified, and invited to proceed to the next phase of the Transaction.

(8) For further clarification or enquiries Prospective Investors can contact the persons stated above. Request for clarifications should be sent electronically not later than 24 hours before the submission deadline.

(9) Nothing in this advertisement shall be construed as a commitment on the part of the State or Greenwich to appoint parties for the Sale; nor shall it entitle any PI to make any claim whatsoever and seek indemnity from the State or Greenwich by virtue of the PI having responded to this request for EOI.

(10) The State and its Financial Adviser, Greenwich, shad not be responsible for the cost of any submission of EOI or any loss suffered by such submission. All submissions shall be at the cost of the prospective investors.

Please note that only shortlisted bidders will be contacted.

Transaction Adviser: SIAO
Financial Adviser: GREENWICH MERCHANT BANK

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