Sunbeth Global Concept Secures N220 Billion for Cocoa Growth

Sunbeth Global Concept Limited successfully attracted subscriptions exceeding N220 billion for its N150 billion commercial paper offer, reflecting a strong investor confidence in the company’s business and growth strategy. The oversubscription of more than N70 billion represents an oversubscription rate of over 46.7%.

The proceeds from this offer will be utilized to support cocoa procurement for the new season and to finance the company’s trading and working capital requirements. Sunbeth is expanding its cocoa sourcing and trading operations, alongside investing in a planned 70,000 metric tonne cocoa processing plant in Nigeria, aimed at enhancing local value addition and supplying cocoa products to various markets.

Adeyemi Aduwo, Chief Financial Officer, expressed gratitude to investors and transaction partners, emphasizing that the funding will strengthen their cocoa procurement capacity. Sunbeth acknowledged the contributions of its lead arranger, Chapel Hill Denham, and other participating dealers and advisers, including AVA Capital Plc, Cordros Advisory Services Limited, and KPMG.