Sunbeth Global Concept Secures N220bn for Cocoa Expansion

Sunbeth Global Concept Limited has successfully attracted over N220 billion in subscriptions for its N150 billion commercial paper offer, achieving an oversubscription of more than 46.7 percent. This oversubscription indicates strong investor confidence in the company's growth strategy, with subscriptions exceeding the target by over N70 billion.

The proceeds from this issuance will be utilized to support cocoa procurement for the new season, alongside trading operations and working capital requirements as the company expands its activities across the cocoa value chain. A significant part of Sunbeth's expansion strategy includes the establishment of a cocoa processing plant with a capacity of 70,000 metric tonnes, aimed at supplying processed cocoa products to customers in Nigeria, Africa, and international markets.

Adeyemi Aduwo, Sunbeth's Chief Financial Officer, expressed gratitude to investors and transaction partners, emphasizing the importance of this funding for enhancing cocoa procurement capacity. The company acknowledged the contributions of various financial partners involved in the issuance, including Chapel Hill Denham as the lead arranger and KPMG for professional services.