Confectionery and Food ma nufacturing giant, Cadbury Ni geria Plc, on Tuesday dismissed speculations that it intends to relocate its pla n ts out of Nigeria to a neighbouring country because of a harsh operating environ m ent.
It said it would rather remain in the country to build on its leading position a s a major household products provider.
â?We have no intention to relocate our plants in the country to any neighbourin g country as being speculated,â? according to the Companyâ?s Chief Executive Of ficer(CEO), Alan Palmer.
â?Our intention is to build on the present achievements recorded by our product s in the Nigerian market and in Ghana. That is why we are embarking on the curre n t Rights Issue to raise funds to pay our debts and plough by the rest into expan d ing our operationsâ?, Palmer told stockbrokers at the exchange.
He spoke at a presentation of the facts behind the Rights Issue of the company w hich opened on 16 September and will close on 23 October, 2009.
He said two Annual General Meetings had been held to sensitise them on the need to clear outstanding debts in order to be in position to pay dividends in the fu t ure.
Palmer reiterated the management’s resolve to turn around the fortune of the com pany for the better.
He remarked that the management will improve its market position of Bournvita an d Tom-Tom, two of its leading products, stressing that it will revitalise its Co c oa Processing factory in south-west Nigerian State of Ondo and continue the expo r t of cocoa butter to Kenya and South Africa to boost revenue.