Fumman plans listing on the Exchange, floats N5b placement
Category: Public Offers Private Placements
By Adeyemi Adepetun
Ahead of its planned listing on the Nigerian Stock Exchange, Fumman Agriculture product limited has said that the proceeds of its currently N5billion private placement will be used to expand and grow the business which is aimed at strengthening the company as a leader in the Nigerian fruits and soft drinks industry.
Speaking recently at a press launching of the new reclosable cap in Lagos, the Marketing Manager, Mr. Abiola Popoola said the company is currently offering 3.3 billion ordinary shares of 50 kobo each to select investors at N1.50 per share.
Popoola added that the net proceeds of the private placement estimated at about N4.6billion to exchange the coast of the business.
\"Fumman plans to build flexible plant for the production of pet performs, cans and bottles as well as a plant which would produce concentrates as raw materials for the fruit juice industry and blending house facilities for packers\", said popoola.
He informed that Integrated Trust and Investment Limited and Spring Capital Markets Limited are the point issuing houses to the offer.
The marketing Manager said that Fumman\'s shares are expected to be listed in the food and beverages sector on the Nigerian Stock Exchange (NSE), this giving existing and new investors in the company a dual opportunity of capital appreciation and dividends.
Speaking on the rationale behind the introduction of a reclosable cap for Fumman juices, popoola said \"As part of efforts to continuously ensure that the company sustain its world-lass quality standard\".
According to him, the new reclosable cap comes with a tamper-proof seal and thread that ensure that Fumman juices maintain their high quality factory standard during packaging, transportation, storage and consumption.
He added that the new cap was in line with the company\'s mission to provide distinctive health enhancing fruits provides under strictest hygiene condition and meticulous quality control through internationally accepted consumer friendly packages that ensure long life without refrigeration for people with discerning tastes.
He stated that the new reclosable cap would enhance the shelf life and economy of Fumman juices pointing out that the new cap provides consumers with better opportunity to presence the freshness and quality of their Fumman juices without fear of a spill or contamination.
Popoola noted that over the years the company has built a reputation for quality and excellence adding that the company was the first fruit juice company to have the NIS certification and use the NIS logo on its products.
He said the standard organization of Nigeria (SON)\'s NIS quality mark ascertain comformity with globally acceptable quality standards.