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HomeAfricaNigerian fast food chain list shares on bourse, eyes Ghana market

Nigerian fast food chain list shares on bourse, eyes Ghana market

One of Nigeria’s fast food outlets, Tantalizers Plc will soon extend its branches to Ghana, Sierra Leone and other parts of West Africa a s a way of serving the people there with packaged African meals, just as it list e d on Monday, by way of introduction, 2.95 billion ordinary shares of 50k each at

N3.50 per share on the Nigerian Stock Exchange (NSE).

“We see huge potentials in Nigeria and the sub regional markets in spite of t he various challenges in this environment. We don’t see it as constraint, very s o on Tantalizers will be in every state of the federation .We are going to open sh o ps in Ghana and Sierra Leone,” the company vice chairman, Folu Ayeni told the ga t hering during the listing.

“We are getting positive feedback from Nigerians in diaspora, who want us to com e and replicate the high quality of the African meals we serve in other places. T hat has given us the confidence to also want to explore the United Kingdom and t he United States markets”, he added.

At the close of Monday transactions, the company, listed under the food /beverag es and tobacco sub sector, gained N0.17, to close at N3.67, having opened tradin g at N3.50.

Tantalizers, which commenced business 1997 with one outlet in Festac Town, a sub urb of the country’s commercial capital city of Lagos, has spread to 39 outlets a cross the country.

It intends to open ten more outlets before the end of the year. In 2001, it pion eered the serving of African foods in the fast food business.

Having completed a private placement programme in February through which 404 mi llion shares of the company were offered to a select group of investors, it took

the decision to translate from a limited liability company into a public liabili t y company (Plc).

“The successful private placement raised the needed capital to enable the compan y actualise its growth plans, which included expansion of its services and opera t ions. Franchise is a practise we have been using as a strategy for growth. This i s a stock with great potentials for high return on investment,” Bose Ayeni, chie f executive officer of the company explained.

According to un-audited first quarter result published for 2008, the company has a turnover of over 1 billion naira and profit before tax of 104 million naira.

She predicted a turn-over growth over 2007 will be 46 per cent, with profit befo re tax to grow by 153 per cent.

“I think you have made the best choice in getting your share listed on the Niger ian Stock Exchange (NSE) which is one of the best in Africa, in terms of returns

on investments. However, your shares can only make money when you perform and pr o vide adequate and accurate information,” a stockbroker, Rasheed Yusuf said.

“There is no doubt the stock will add value to the market. It will provide oppor tunity for new investors. But it is important to also stress the need for the co m pany to be a good and worthy corporate citizen as a quoted company on the exchan g e, now that you have been listed. The potentials need to be transformed into hig h yields for the investors,” another stockbroker advised.

Bineo Yaroe, of the Quotations and Listing Department of the exchange, who stood in for the director general disclosed the council has approved a separate secto r under a different name be created for the company and others that wish so in th e market, instead of coming under the food/beverages and tobacco.

The management of Tantilizers Plc had proposed that its shares be listed under “Quick Service Restaurant” sub sector.

Yaroe, however said the exchange has not agreed with the name, adding that the s hares will, for now, be trading under the food/beverages and tobacco sub-sector.

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