Tantalizers PLC to Acquire Nigeria's Largest Fisheries Group

Tantalizers PLC (NGX: TANTALIZER) has signed a memorandum of understanding (MOU) to acquire Karflex Fisheries Limited, which is recognized as Nigeria's largest indigenous fisheries group. The agreement is part of Tantalizers' strategy to deepen its diversification into Nigeria's blue economy and commercial seafood sector.

The MOU was signed over the weekend, with Tantalizers appointing GTI Capital as its financial advisor to conduct comprehensive legal, financial, technical, operational, environmental, and commercial due diligence on the target company's assets. The acquisition will include significant fish assets, such as 24 fish trawlers and 13 cold room facilities related to commercial fisheries infrastructure.

Alhaji Adam Nuru, Chairman of Tantalizers, expressed optimism about the transaction, which is expected to enhance the company's position in both local and international seafood markets. Mr. Wilson Samuel, Chairman of Karflex Fisheries, also expressed excitement about the partnership, emphasizing the potential for growth and efficiency in the fisheries sector.