Fumman offers 3.3billion ordinary shares

[solainvest]

The Punch: Fumman offers 3.3billion ordinary shares

The Chairman, Fumman Agricultural Industries Limited, Mr. Emmaneul Adeyemi, has said that the company was offering 3,300,000,000 ordinary shares by way of private placement.

He disclosed this during the completion of board meeting in respect of the private placement on Tuesday.

He said that the organisation was offering the shares with a par value of 50k each at N1.50, with Integrated Trust and investment Limited and Spring Capital Markets Limited as the joint issuing houses.

According to him, the private placement will be open from December 1, 2008 to December 31, 2008.

He urged Nigerians to buy into it, as all the necessary official documentation had been perfected to that effect.

He said the company produced a bouquet of quality natural fruits and juices, adding that the products were rich in vitamins and healthy

[muranay@yahoo.com]

Originally Posted by solainvest

The Punch: Fumman offers 3.3billion ordinary shares

The Chairman, Fumman Agricultural Industries Limited, Mr. Emmaneul Adeyemi, has said that the company was offering 3,300,000,000 ordinary shares by way of private placement.

He disclosed this during the completion of board meeting in respect of the private placement on Tuesday.

He said that the organisation was offering the shares with a par value of 50k each at N1.50, with Integrated Trust and investment Limited and Spring Capital Markets Limited as the joint issuing houses.

According to him, the private placement will be open from December 1, 2008 to December 31, 2008.

He urged Nigerians to buy into it, as all the necessary official documentation had been perfected to that effect.

He said the company produced a bouquet of quality natural fruits and juices, adding that the products were rich in vitamins and healthy

Good luck.

[Babs_O]

Originally Posted by solainvest

The Punch: Fumman offers 3.3billion ordinary shares

The Chairman, Fumman Agricultural Industries Limited, Mr. Emmaneul Adeyemi, has said that the company was offering 3,300,000,000 ordinary shares by way of private placement.

He disclosed this during the completion of board meeting in respect of the private placement on Tuesday.

He said that the organisation was offering the shares with a par value of 50k each at N1.50, with Integrated Trust and investment Limited and Spring Capital Markets Limited as the joint issuing houses.

According to him, the private placement will be open from December 1, 2008 to December 31, 2008.

He urged Nigerians to buy into it, as all the necessary official documentation had been perfected to that effect.

He said the company produced a bouquet of quality natural fruits and juices, adding that the products were rich in vitamins and healthy

Will like to see the documents for the records.

[hispy99]

Fumman Shops for N5bn
By Goddy Egene, 12.10.2008

Fumman Agricultural Products Industries Limited is accessing the nation’s capital market for N5 billion despite the bear run.

However, the company is sourcing for the funds from select investors through a private placement. Fumman is offering 3.3 billion ordinary shares of 50 kobo each to investors at N1.50 per share. The private placement, which opened on December 1, 2008 would run through the month.

Chairman of Fumman, Mr. Emmanuel Adeyemi, said in a statement yesterday that the funds would be used to finance the company’s strategic business development in order to increase its competitive edge and dominate the Nigerian fruits and soft drinks industry.

He said that the new equity funds would enable the company to upgrade and expand its factory, increase working capital, invest in information and communication technology and human capital as well as exit outstanding debts.

He said, the company plans to build a flexible plants for the production of cans and bottles, and concentrates as raw materials for the fruit juice industry and blending-house facilities for packers.

Adeyemi said the injection of new equity funds would strengthen the company against the challenges in the industry and ensure it continuously improve returns to all stakeholders.

He said: “Our business strategy is one that is focused on growth through a continually increasing market share, profitability and efficiency of operations, to ensure increased returns to the company and its shareholders.”
He said the company would optimise the many linkages in the business to diversify its operations and widen its business platform for sustained growths in the years ahead.

He assured that the company’s factory possesses necessary versatility to support the planned diversification. He said that the company plans to become a one-stop shop for some other companies in the industry by providing services in the area of blending of concentrates, packing, manufacturing, using concentrates to produce juice in packs as well as offering distribution network.

He explained that Fumman has built an enviable reputation as a quality company and a strong brand, the first juice company to use the Standard Organisation of Nigeria (SON)’s NIS logo on its products.

Fumman was incorporated in July 1986 and commenced business in January 1996. The company engages principally in the processing of agricultural products and fruit drinks. The company acquired the popular Lafia Canning Factory, Ibadan in 1994, which it now uses as fruit processing factory.

[hispy99]

Fumman set to list on the NSE
By Udeme Ekwere
Published: Monday, 22 Dec 2008

Fumman Agricultural Products Industries has indicated plans to list its shares on the trading floor of the Nigerian Stock Exchange.

This, according to a statement from the organisation on Saturday, will be done next year, following the completion of the company’s on-going private placement.

The Chairman of the Company, Mr. Emmanuel Adeyemi, said discussions were currently going on with the concerned authorities to ensure that it secured approval to list within six months after its private placement.

He added that this was borne out of the need to ensure that existing and new investors in the company had dual opportunities of capital appreciation and dividends.

The company is currently offering 3.3 billion ordinary shares of 50 kobo each to select investors at N1.50 per share. The offer, which opened on December 1, is expected to run till December 31, 2008.

According to the offer prospectus, the company, with a projected dividend yield of about seven per cent for 2009, plans to use the net proceeds of its on-going private placement, estimated at about N4.6bn, to finance its strategic business development with a view to increasing its competitive edge.

According to Adeyemi, the new equity funds will enable the company to upgrade and expand its factory, increase working capital, invest in information and communication technology and human capital, as well as exit outstanding debts.

He noted that the new strategic business development plan would consolidate Fumman’s reputation as a leader in the fruit juices market and usher in a new era of sustainable growth over the years.

He added that the company planned to build a flexible plant for the production of pet preforms, 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.

[olusolakemmy]

is there any record of financial?

[hispy99]

Originally Posted by olusolakemmy

is there any record of financial?

couldn't find any. If anyone in the house has the PP memo, please post it here.

[olusolakemmy]

Originally Posted by hispy99

couldn't find any. If anyone in the house has the PP memo, please post it here.

chief do you have an idea how long this coy has been existing?
no talk say my question too much oooo!

[hispy99]

Originally Posted by olusolakemmy

chief do you have an idea how long this coy has been existing?
no talk say my question too much oooo!

No idea, but the article below says 1956. I know I did not come across their product till around 2001/02


Funman agro gets award
Written by vanguard
Friday, 19 December 2008

It was a day of double honour for Fumman Juice last Saturday when the manufacturer and the products received two separate awards from different organizations on quality.
Earlier in the day, Fumman Agricultural Products Industries Limited was recognized West Africa’s World Class Natural Fruit Juice Manufacturer of the Year 2008 by The Institute of Direct Marketing of Nigeria at an impressive award ceremony at Sheraton Lagos Hotel & Towers.

The Institute, in collaboration with the Confederation of African Direct Marketing Association (CADMA), organized the award.It was in recognition of the company’s enviable international standards in all the processes of producing natural fruit juices.

Later that same day, Standard Organization of Nigeria recognized Fumman Juice again at an equally impressive and colourful award ceremony. The chief operating officer of Fumman Agricultural Products Industries Ltd, in the person of Mr. Adeniran Asa, stood proudly tall at the Lagoon Restaurant in Victoria Island, Lagos as the Standard Organization of Nigeria (SON) gave Silver Award to two brands (Orange and Pineapple) in the Fumman range of products.

The COO attributed the success of his company to long years of experience and the relentless effort by the management and staff to always uphold the best of international standards because the company pays premium on the quality. In one word, quality is the watchword of the company.

“Our factory has been in operation since 1954. So we are not learners in the business of juice processing, and this explains why we are trailblazers among natural fruit juice manufacturers in Nigeria. Fumman was the first fruit juice company to have NIS certificate and it was awarded the Best Fruit Juice in West Africa in 2006,” he said, pledging that his company will continue to uphold the best of practices and standards.

[olusolakemmy]

Originally Posted by hispy99

No idea, but the article below says 1956. I know I did not come across their product till around 2001/02


Funman agro gets award
Written by vanguard
Friday, 19 December 2008

It was a day of double honour for Fumman Juice last Saturday when the manufacturer and the products received two separate awards from different organizations on quality.
Earlier in the day, Fumman Agricultural Products Industries Limited was recognized West Africa’s World Class Natural Fruit Juice Manufacturer of the Year 2008 by The Institute of Direct Marketing of Nigeria at an impressive award ceremony at Sheraton Lagos Hotel & Towers.

The Institute, in collaboration with the Confederation of African Direct Marketing Association (CADMA), organized the award.It was in recognition of the company’s enviable international standards in all the processes of producing natural fruit juices.

Later that same day, Standard Organization of Nigeria recognized Fumman Juice again at an equally impressive and colourful award ceremony. The chief operating officer of Fumman Agricultural Products Industries Ltd, in the person of Mr. Adeniran Asa, stood proudly tall at the Lagoon Restaurant in Victoria Island, Lagos as the Standard Organization of Nigeria (SON) gave Silver Award to two brands (Orange and Pineapple) in the Fumman range of products.

The COO attributed the success of his company to long years of experience and the relentless effort by the management and staff to always uphold the best of international standards because the company pays premium on the quality. In one word, quality is the watchword of the company.

“Our factory has been in operation since 1954. So we are not learners in the business of juice processing, and this explains why we are trailblazers among natural fruit juice manufacturers in Nigeria. Fumman was the first fruit juice company to have NIS certificate and it was awarded the Best Fruit Juice in West Africa in 2006,” he said, pledging that his company will continue to uphold the best of practices and standards.

am not sure but i think i have heard the name before 2000, the truth is that they do not have strong market presence.
we hope if they are successfull in their bid to raise money from thIS PP, they can turn that around.

so good luck to them

[prince dagbolu]

Originally Posted by olusolakemmy

am not sure but i think i have heard the name before 2000, the truth is that they do not have strong market presence.
we hope if they are successfull in their bid to raise money from thIS PP, they can turn that around.

so good luck to them

Today FTN Cocoa was N1.34, and Livestock was N1.90. How can this guys price their compay at N1.50.

If they brought their price to 60K, I might consider their PP. N1.50 is too much by todays standard.

Good luck to them.

[mosbe]

Originally Posted by prince dagbolu

Today FTN Cocoa was N1.34, and Livestock was N1.90. How can this guys price their compay at N1.50.

If they brought their price to 60K, I might consider their PP. N1.50 is too much by todays standard.

Good luck to them.

I wonder the financial analysis these companies make before coming out to the public. They ought to be aware by now that it's no longer "business as usual". When almost every Nigerian buys any available shares that comes up for public offer/ private placement.

[olusolakemmy]

Originally Posted by prince dagbolu

Today FTN Cocoa was N1.34, and Livestock was N1.90. How can this guys price their compay at N1.50.

If they brought their price to 60K, I might consider their PP. N1.50 is too much by todays standard.

Good luck to them.

price determination depend on many factors, the fact FTN and livestock depreciated that low doesnt mean thats their worth.
funman must have done it due diligence but i must agree that some companies over price their PO and PP sometimes.

But before we come to over valuation conclusion, have you seen the propectus? that will give u an idea if the N1.50 is sensible

[knightofdelta]

Originally Posted by olusolakemmy

price determination depend on many factors, the fact FTN and livestock depreciated that low doesnt mean thats their worth.
funman must have done it due diligence but i must agree that some companies over price their PO and PP sometimes.

But before we come to over valuation conclusion, have you seen the propectus? that will give u an idea if the N1.50 is sensible

There is no way the N1.50 will be worth it. The problem I have with these companies is that they are timing the market poorly. There is something called vintage cycles, which the investment bankers behind these offers are not considering. As long as the stock market is in a down mode, these offers are supposed to be shelved until there is a stirring. They are just looking for ways to make money anyhow and at the end of the day, it is the companies that will suffer.