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FTN Cocoa Processors set for stock exchange listing
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Ndi Okereke Onyiuke,Director General, Nigerian Stock Exchange
FTN Cocoa Processors Limited is to be quoted on the Nigerian Stock Exchange (NSE) this quarter after a successful private placement which preceded the company’s desire to be a public limited company.
Competent market sources disclosed that the company’s outstanding shares of 980 million will be listed by introduction at N2.80 per share.
Wale Jubril, stockbroker and consultant to the company said the private placement which has seen the company’s share capital increased by N1.8 billion was the first step towards the listing of the shares on the exchange.
He said the stock will be investors’ delight and a special company in the Food and Beverages sub-sector.
The company’s reconstituted board of directors has Segun Osunkeye as chairman and S.O oguntimehin, former president of the institute of chartered accountants of Nigeria (ICAN) as non executive director.
Managing Director, Abiola Aderounmu said that the company has over the past twelve years processed over 40,000 tons of cocoa beans just as it ventured into full scale manufacturing in 2005.
“Our operations have evolved into a major area of agriculture produce to effectively meet the needs of industrial users locally and internationally. Our experience in the business informed the decision to lease Cocoa Products Company Limited, Ile-Oluji in 2003 at a time the company was moribund. The successful turn-around of the company paved way for its privatization in 2006”, he said.
FTN Limited commenced operations in 1995 and has through the years distinguished itself as a provider of processed agricultural commodities. The company’s business area covers Cocoa processing into cocoa butter, cocoa cake, cocoa powder and cocoa liquor.
Some of the company’s local and international customers include Nestle Nigeria plc, Cocoa Industries Limited, Promasidor Nigeria Limted, Unicom International Bv, Amsterdam, Union Chocolate, Poland, among others.
Wale Jubril, stockbroker and consultant to the company said the private placement which has seen the company’s share capital increased by N1.8 billion was the first step towards the listing of the shares on the exchange.
He said the stock will be investors’ delight and a special company in the Food and Beverages sub-sector.
The company’s reconstituted board of directors has Segun Osunkeye as chairman and S.O oguntimehin, former president of the institute of chartered accountants of Nigeria (ICAN) as non executive director.
Managing Director, Abiola Aderounmu said that the company has over the past twelve years processed over 40,000 tons of cocoa beans just as it ventured into full scale manufacturing in 2005.
“Our operations have evolved into a major area of agriculture produce to effectively meet the needs of industrial users locally and internationally. Our experience in the business informed the decision to lease Cocoa Products Company Limited, Ile-Oluji in 2003 at a time the company was moribund. The successful turn-around of the company paved way for its privatization in 2006”, he said.
FTN Limited commenced operations in 1995 and has through the years distinguished itself as a provider of processed agricultural commodities. The company’s business area covers Cocoa processing into cocoa butter, cocoa cake, cocoa powder and cocoa liquor.
Some of the company’s local and international customers include Nestle Nigeria plc, Cocoa Industries Limited, Promasidor Nigeria Limted, Unicom International Bv, Amsterdam, Union Chocolate, Poland, among others.
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