|This was after Negris had met all take over requirements among which is the 32.5 Million Dollars bided price paid to the Federal Government, through the Bureau of Public Enterprises (BPE), the government agency saddled with the responsibility of disposing government’s stakes in business ventures in the ongoing privatization process.
With an installed capacity of 100,000 metric tons, NNMC was conceived to bring an end to the country’s dependence on imported newsprint. However, seven years after it was established in 1986, it stopped production largely due to lack of finance and proper management.
The takeover by the Negris Group is expected to bring a new lease of life to the facility and by extension the newsprint market. Determined to ensure immediate attainment of this, the management of Negris immediately commissioned foreign technical experts to rehabilitate the plant for possible commencement of operation very soon.