Nigeria’s Food Concepts has said that it intends to raise N3.6 bilion to finance the expansion of its stores, increase its supply chain and distribution points and launch new brands.
The company, which owns the popular Chicken Republic Quick Service Restaurant, Debonair’s Pizza and Butterfield’s Bakery, said it is in the process of obtaining regulatory approvals for its rights issue which shareholders approved at the company’s sixteenth Annual General Meeting on November 1, 2018.
“The rights issue will enable the company to achieve its strategic growth plans and maximise shareholders’ value. The net proceeds of the rights issue will be utilised in funding store expansion, supply chain and distribution improvements as well as launching new brands to meet the flavour profile of the consumer,” Managing Director of the company, Mr David Butler stated.
The company said that the proposed rights issue presents an excellent opportunity for its existing shareholders to increase their investment in the company.
Food Concept Plc is also a shareholder of Food Concept Pioneer Limited (Butterfield’s and Yum Yum Baked goods Brands), and currently operates 51 company-owned and 19 franchise restaurants across Nigeria and Ghana.