Request for Expression of Interest/Pre-Qualification for Acquisition of the Charged Assets of Bendel Feed and Flour Mills Limited (in Receivership)

FOR SALE 

Request for Expression of Interest/Pre-Qualification for Acquisition of the Charged Assets of Bendel Feed and Flour Mills Limited (in Receivership)

(1)     Background

Mr. Michael Igbokwe, SAN, FCIARB, was appointed by Asset Management Corporation of Nigeria (“AMCON”) as the Receiver/Manager of Bendel Feed and Flour Mills Limited (“BFFM”) over the assets and undertakings of the company pledged as eligible bank asset acquired by AMCON from First City Monument Bank Plc under the powers contained in Section 48 of AMCON Act 2010.

In pursuance of the above the Receiver/Manager now wishes to sell the Charged Assets of BFFM in a transparent and open bid process.

(2)     Description of Charged Assets of Bendel Feed and Flour Mills Limited

BFFM has a wheat milling section which produces Ivory Flour used in the production of Bread and Biscuit. This section also produces the very popular and nutritious FARENO (Semovita).

The animal section produces Guinea Feed, the profile includes Chick Mash, Growers Mash, Layers Mash, Broiler Starter/Finisher Mash, Breeders Mash and Concentrates. BFFM animal feeds are pelletized or in crumbled form which enhances the quality of the various feeds. The pelletized feed are unique to Guinea feeds and have tested nutritional advantages.

BFFM products from the Maize Mill section includes Brewers Grits, Maize/Sorghum Flour and Bran.

The following charged assets of BFFM are for sale:-

(i)      Land and Building

(ii)     Specialized Plant and Machinery

(iii)    Motor Vehicles and Heavy Duty Machinery

(iv)    Furniture, Fittings & Office Equipment

(3)     Transaction Timetable:

The transaction is expected to be completed in about 2 months from the date of the publication of the request for Expression of Interest (EOI).

Submission in respect of the EOI will close on 17th July, 2015 and the evaluation carried out on the 21st July, 2015. The Request for Proposal and Information

Memorandum pack will be dispatched on 22nd July, 2015.

The Factory Inspection/Due Diligence will take place between 27th July and 7th August, 2015.

Financial closure and payment deadline is 30th of September, 2015. The Request for Proposal (RFP) will contain the detailed transaction timetable.

(4)     Mode of Application and Requirements:

Contents of Application:

Interested buyers for the charged assets as a going concern, should write to the Receiver/Manager for pre-qualification on or before 17th July, 2015 enclosing the following verifiable documents.

(a)     Profile of the Applicant detailing; name of company, the shareholders and ownership structure. The contact persons, office and contact address including telephone and e-mails addresses.

(b)     Composition and profile of the management team, showing qualifications and posts held to date, years of experience.

(c)      Audited Financial Statements for the last 2 years and most recent management accounts.

(d)     Evidence of good financial standing including details of bankers.

Qualification Criteria:

To be considered for the shortlist bidders must:

(i)      Score a minimum of 70 percent for the requirements described above, and

(ii)     Provide proper evidence of financial good standing.

(6)     Procedure for the Submission of EOI:

The EOI must be submitted in a sealed envelope with one original and 5 copies, duly signed by the authorized representative of the applicant and delivered to the Receiver/Manager at the address stated below not later than 17th July 2015.

(7)     Evaluation of EOI:

(i)      All EOI’s received will be evaluated for pre-qualification purposes by an Evaluation Committee set up for the purpose.

(ii)        An EOI must comply with all government statutory requirements and financial regulations to be eligible for evaluation.

(iii)    Evaluation will be based on assessment of applicant’s profile and financial capabilities.

(iv)    Only pre-qualified candidates will be issued with Request for Proposal for submission of Technical and detailed Financial Proposal.

(v)     This pre-qualification exercise is not an offer and does not constitute a contract with an applicant. It will only be the basis for making a shortlist bidders.

(vi)    All submissions shall be at the cost of the applicants.

(8)     Notification of Results;

Pre-qualified applicant will be informed in writing of their pre-qualification not later than 22nd July 2015. Communication will only be made to successful applicants and no enquiry will be entertained from unsuccessful applicants.

(9)     Communication:

All Enquiries and Expression of Interest and Applications Clearly Marked “Charged Assets of BFFM” Should be addressed to:

MR M. I. IGBOKWE SAN

MIKE IGBOKWE (SAN) & CO.

28A, Mainland Way Dolphin Estate Ikoyi – Lagos

info@mikeigbokwe.com  +23414620907, +23414620917

 

Issued By:

BABINGTON ASHAYE & CO.

(Chartered Accountants)

Financial Advisers to the Receiver/Manager Bendel Feed and Flour Mills Limited