Beloxxxi Industries Limited has successfully finalized negotiations for a massive $80 million equity investment deal with a group of international investors, comprising 8 Miles (London), African Capital Alliance (Nigeria) and KFW DEG Bank (Germany).
The company’s President and Chief Executive Officer, Obi Ezeude confirmed the deal to ThisDay Newspapers, explaining that the investment deal was a minority equity sales deal effectuated August 1, 2016 by the release of the lump sum of $80 million. He further explained that the minority equity deal was functional for 5 years and was the brainchild of several months of intense due diligence and legal discussions completed July 2016.
Further expatiating on the potential benefits of the deal to the company and the nation at large, Ezeude noted that the current number of production lines would be doubled from five to ten, thereby increasing production by 125% to 100,000 metric tons from 40,000 metric tons yearly.
This would effectively make the country place the company as the largest producer of Beloxxi Cream Crackers in the sub-Saharan region. In terms of potential benefits to the country, the CEO further explained that about 3,500 additional staff would be recruited to drive this expansion, with the majority being locals.
The company adds this lucrative deal to others completed in the past such as a $2.2 Million Loan Facility for it
to build an ultra-modern, fully integrated and automated biscuit factory-the first of its kind in Nigeria by the United States of America Export and Import Bank (US EXIM) in December 2003.
Hailing the deal has a landmark showcasing the potential for growth in the country’s manufacturing industry, ThisDay quotes Ezeude as stating that it would also allow Beloxxxi Industries Limited to explore the export market and thereby access currently scarce foreign exchange.
More information on this article is available in ThisDay Newspapers
NewsTeam/ThisDay Newspapers