Multi-Trex Private Placement Takes Off
Multi-Trex Investments Limited, which launched its offer last week Friday, witnessed a surprising level of response from investors when 80 percent of the private placement was quickly snapped up.
Analysts attributed the response level to the Multi-Trex line of business which has a profitable global demand - cocoa beans processing, as well as its long term investment outlay on a modern industrial complex and machines capable of filling up market demand gaps over a long term.
The investments underline the company’s strategic goal of reviving the significance of the product that was once one of the country’s biggest foreign exchange earners.
Bayo Akinnola, chairman of the company had earlier told investors at the launch of the private offer that the proceeds will enable the company further expand its processing plant, acquire new technology and develop human capital.
"We are going to invest on raising the capacity of processing cocoa from the current 10,000 metric tonnes of cocoa beans processing capacity per annum to processing capacity of 60,000 metric tonnes per annum."
According to Akinnola, Multi-Trex has signed agreement with Accenture to re-organise the company and put their operations firmly on ground.
Syke Financial Services, a wholly owned subsidiary of Syke Bank Plc is the lead issuing house for the offer.
The Multi-Trex complex was officially commissioned in February 2006. It has clients from both within and outside the country particularly Europe and America.
Currently, the cocoa industry is fast growing, with a huge capacity growth which attracts the attention of the government to the industry is also growing. The target processing capacity of 60,000metric tonnes per annum, industry watchers say, will make Multi-Trex the first cocoa processing company in West Africa to have its processing capacity per annum raised to such level.
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