MARKET DEVELOPMENT
Camela Vegetable Oil Goes for Private Placement
Camela Vegetable Oil Goes for Private Placement
10/02/2014 (THISDAY Live) - The Board of Directors and management of Camela Vegetable Oil Company Limited has concluded necessary plans with all parties to float a private placement based on the successful installation of its N800 million Ultra-modern Palm Oil Refining and Fractionation Plant.
The new Plant which is due to commence operation by March 2014, according to the Chairman of the Company, Chief OkeyIkoro will complement the company’s 120 metric tonnes per day palm kernel oil extraction plant and its 60 metric tonnes per day palm kernel oil refining plant.
According to Ikoro, with the conclusion of this project, Camela Vegetable Oil is now positioned to take a chunk of the Nigeria Vegetable Oil market, which is currently experiencing a serious gap between demand and supply, adding that it is estimated that there is a shortfall of 300,000 metric tonnes gap annually between demand and supply of vegetable oil.
He added the company through its financial advisers; Futureview Financial Services Limited would by next week put an offer through private placement of 444,444,444 Ordinary Shares of N1 each at N1.80k.
At the all-parties conclusion Board meeting which took place at the Head office of Futureview Financial Services Limited in Victoria Island, Lagos on January 31, 2014, Ikoro who is also the National Chairman of Vegetable/Edible Oil Producers Association of Nigeria expressed optimism that the private placement arrangement would be successfully subscribed to in view of the company’s enviable record and experience in the industry.
He further stated that a country like Malaysia makes about 18 billion Dollars annually through the export of vegetable oil and palm oil related products and regrets that Nigeria which is a pioneer in this sector is only beginning to be part of the untapped market.
Ikoro maintained that it was time to invest heavily on the palm oil sector as the market was very viable especially throughout the ECOWAS region, and confirmed that Camela Vegetable Oil had been granted the ECOWAS status approval which would enable it to market its product throughout the ECOWAS region.
He stressed that the Company plans future downstream investment through value addition, by converting its by-products, fatty acid and stearin to high quality toilet/laundry soap.
The company’s boss, however, said that those who invest today will reap a huge benefit as the company plans to go public in the new two years to further expand its operation, concluding that “as long as you are eating, we are in business because your stomach is our business”.
The new Plant which is due to commence operation by March 2014, according to the Chairman of the Company, Chief OkeyIkoro will complement the company’s 120 metric tonnes per day palm kernel oil extraction plant and its 60 metric tonnes per day palm kernel oil refining plant.
According to Ikoro, with the conclusion of this project, Camela Vegetable Oil is now positioned to take a chunk of the Nigeria Vegetable Oil market, which is currently experiencing a serious gap between demand and supply, adding that it is estimated that there is a shortfall of 300,000 metric tonnes gap annually between demand and supply of vegetable oil.
He added the company through its financial advisers; Futureview Financial Services Limited would by next week put an offer through private placement of 444,444,444 Ordinary Shares of N1 each at N1.80k.
At the all-parties conclusion Board meeting which took place at the Head office of Futureview Financial Services Limited in Victoria Island, Lagos on January 31, 2014, Ikoro who is also the National Chairman of Vegetable/Edible Oil Producers Association of Nigeria expressed optimism that the private placement arrangement would be successfully subscribed to in view of the company’s enviable record and experience in the industry.
He further stated that a country like Malaysia makes about 18 billion Dollars annually through the export of vegetable oil and palm oil related products and regrets that Nigeria which is a pioneer in this sector is only beginning to be part of the untapped market.
Ikoro maintained that it was time to invest heavily on the palm oil sector as the market was very viable especially throughout the ECOWAS region, and confirmed that Camela Vegetable Oil had been granted the ECOWAS status approval which would enable it to market its product throughout the ECOWAS region.
He stressed that the Company plans future downstream investment through value addition, by converting its by-products, fatty acid and stearin to high quality toilet/laundry soap.
The company’s boss, however, said that those who invest today will reap a huge benefit as the company plans to go public in the new two years to further expand its operation, concluding that “as long as you are eating, we are in business because your stomach is our business”.