Sunbeth Global Concept Secures N220 Billion for Cocoa Expansion

Sunbeth Global Concept Limited successfully attracted subscriptions exceeding N220 billion for its N150 billion commercial paper offer, reflecting strong investor confidence in its business and growth strategy. The offer surpassed its target by more than N70 billion, representing an oversubscription of over 46.7%.

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.

This initiative is part of a broader strategy aimed at enhancing local value addition and supplying cocoa products to local, regional, and international customers. Adeyemi Aduwo, Chief Financial Officer, expressed gratitude towards investors and transaction partners for their support, emphasizing that this funding will strengthen their cocoa procurement capacity.

Sunbeth acknowledged various financial partners involved in the issuance, including Chapel Hill Denham as the lead arranger.