SIAT Moves To Acquire Rivers Rubber Firm …Plans New Rubber, Palm Plants

L-R: Shareholder, FBNQuest Merchant Bank, Alhaji Tijani Borodo; MD, FBNQuest Merchant Bank, Mr. Kayode Akinkugbe; Chairman, FBNQuest Merchant Bank, Mallam Bello Maccido; Non- Executive Director FBNQuest Merchant Bank, U. K. Eke (MFR), Dr. Omobola Johnson; GMD, FBN Holdings; and DMD, FBNQuest Merchant Bank , Taiwo Okeowo, at the FBNQuest Merchant Bank 3rd Annual General Meeting held in Lagos, recently.

Siat Nigeria Limited has said that, it is in the process of acquiring Delta Rubber Company, as a way of diversifying into other agro-business areas in Rivers State.
Chief Operating Officer of Siat Nigeria Limited, Mr Geraled Ray made the disclosure during a chat with newsmen at the office at Ubima yesterday.
He said the acquisition of the Rivers State Government-owned company is already at advanced stage, as it plans to expand the capacity base of the company.
Ray said already the company which was known as Rison Palm, has expended 50 million Euros to overhaul its palm plant since 2012 when it acquired the former moribund state palm corporation.
“We put in three to four billion naira into the business yearly. And our goal is to improve business and assist farmers because soon, we want to expand to 10,000 hectares of palm,” Ray declared.
With expansion plans to improve production, he hinted that a 1,000-ton palm crushing plant would soon be unveilded.
The Siat Chief Operating Officer lauded the State Government, and especially the Governor, Chief Nyesom Wike, whom he said has been of great support to ensure the company thrives.
“Our relationship with the government is excellent, “Ray stated,” pointing out that the governor has shown foresight and vision and he believes agriculture can create employment for the people.”
When once the new plant comes on steam, Ray noted that employment creation would jump from its current 4,000 to about 10,000.
He added, “we are here for the long term and we believe we can expand our business to create jobs and better the lives of Nigerians.”