Posted by Haruna Acheneje, Uyo on
Akwa Ibom Investment and Industrial Promotion Council, has sold the International Biscuits Limited in Ukana, Essien Udim, to Seyang Limited for N35million.
Akwa Ibom Investment and Industrial Promotion Council, has sold the International Biscuits Limited in Ukana, Essien Udim, to Seyang Limited for N35million.
The Executive Director of AKIIPOC, Mr. Clement Isok, who disclosed this at the signing ceremony of the Sale and Purchase Agreement between the agency and Seyang in Ukana, on Thursday, said Thomas Gamble and Company, had been appointed as the liquidator.
Isok added that in a matter of days, notices would be published in newspapers to all the creditors and staff of the company to forward their claims, if any, to the liquidator.
In his remarks, the Chairman of Seyang, Chief Samuel Edward Inyang, said the agreement had brought into being, 'the legal instrument to transfer the ownership to a private company, wholly owned by Akwa Ibom state indigene"
The journey to reactivate and transform the factory, which had been moribund for about 20 years, he said, started about two years ago when Seyang responded to the privatisation drive of the state government to put the factory back to production.
He said that after successfully winning the bid, it took Seyang only two months to turn the thick bush and rundown infrastructure to its current functioning environment.
The next milestone in Seyang's acquisition of the factory, which he said would be very soon, would be the inauguration of the commercial operations of the company for full production.
He however urged the state government to reactivate the infrastructure such as roads leading to the factory, water supply and electricity around the site to functional standards.
Members of the host communities of the factory, in their speeches, expressed joy that the factory had been put back to function, but called on the state government to pay them adequate compensation for their land.
The PUNCH, Friday, July 29, 2005