Tantalizers Plc has announced the signing of a Memorandum of Understanding (MoU) to acquire all assets of DanBethel Marine Services Limited, an Apapa-based marine and fishing enterprise.
This follows Tantalizers’ recent announcement of a N1 billion private equity injection by Messrs Food Specialties and Banklink Africa Private Equities, which jointly acquired a majority stake in the company.
In light of the recent N1 billion capital injection, Tantalizers announced on December 28, 2024, through an NGX disclosure, its decision to acquire all assets of DanBethel Marine Services Limited.
According to the announcement on the NGX platform, this planned acquisition aligns with Tantalizers’ strategy to expand into the blue economy, with a particular focus on the seafood industry.
The statement highlights the company’s intention to engage in industrial fish trawling, aquaculture, mariculture, seafood supplies, and related marine operations.
Commenting on the MoU signing, Tope Fagbamila, MD/CEO of DanBethel, expressed enthusiasm, stating, “Our team admires the courage and capacity of the new Tantalizer’s leadership and are excited to be part of pivoting the company to a new height.”
Adam Nuru, Chairman of Tantalizers Plc, echoed this sentiment, adding, “DanBethel’s acquisition is an excellent strategic fit for us as we further invest over the next five years in the company’s fleet to capture significant opportunities in the largely unexplored Nigerian fishing and aquaculture industry.”
About DanBethel Marine Services
- Apapa-Lagos-based DanBethel Marine Services is known for its fleet of fishing trawlers and related marine assets. Over time, it has built a notable presence in Nigeria’s domestic seafood supply market.
- As demand for healthier protein sources and more sustainable food systems continues to rise, the MoU agreement provides Tantalizers with an opportunity to explore new business segments in the marine industry.
- DanBethel’s decades of experience in fish trawling and processing may help Tantalizers Plc tap into broader opportunities in seafood production, supply chain integration, and value-added aquaculture processes.
Market performance of Tantalizers
Tantalizers has recorded a year-to-date (YTD) growth of 266% in the Nigerian stock market for 2024.
- The share price opened at N0.47 and moved upward through mid-year, with a more pronounced rise starting in August.
- From January to October, the trend remained positive, then picked up pace in November likely following the announcement of a N1 billion private equity injection—resulting in a share price increase from N0.64 to over N1.70 by year-end.
According to the company, the capital injection aims to address longstanding financial issues and help reposition Tantalizers for the future.
- The capital was provided by Messrs Food Specialties and Organics Limited, along with Banklink Africa Private Equities Limited, both of which acquired a majority stake in the company.
