Copperbelt Energy plans to acquire stake in PHCN
Zambia’s Copperbelt Energy Corp. intends to acquire a stake in a Power Holding Company of Nigeria.
CEC’s managing director for corporate development, Michael Tarney, said the firm intends to bid for part of Power Holding Company of Nigeria (PHCN) to gain a foothold in the large and populous economy.
Copperbelt Energy is expected to bid for one or two Power Holding’s units. The bidding period is likely to start in the first quarter of 2012.
The Nigerian government is planning to privatize its power sector to improve efficiency and seeks bids to sell stake in Power Holding Co. The company’s distribution network is divided into 11 different units and has an aggregate value of about $1.1 billion.
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