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🇳🇬 Nigeria /Economy & Trade

Tantalizers acquires largest indigenous fisheries firm

From The Punch · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

News Sources not specified New plan
  • Tantalizers Plc has signed a Memorandum of Understanding to acquire Nigeria's largest indigenous fisheries group, Karflex Fisheries Limited.
  • The acquisition includes 24 fish trawlers, shrimpers, 13 cold rooms, and related infrastructure, aiming to diversify Tantalizers into the blue economy.
  • This move is part of Tantalizers' strategy to expand its foodtainment conglomerate and strengthen Nigeria's food security and foreign exchange earnings.

Tantalizers Plc has entered into a preliminary agreement to acquire Karflex Fisheries Limited and Karflex Investment Limited, Nigeria's largest indigenous fisheries group. This significant move marks a diversification into the nation's blue economy and aims to integrate substantial fishing assets into Tantalizers Fisheries Limited.

The Board of Tantalizers Plc is pleased with the signing of this MoU and looks forward to the successful completion of the transaction. This marks one of the many strategic mergers and acquisitions undertaken since the acquisition and restructuring of Tantalizers Plc into a Foodtainment Group.

· Alhaji Adam NuruChairman of Tantalizers Plc, speaking at the MoU signing ceremony.

The Memorandum of Understanding covers the acquisition of 24 fish trawlers and shrimpers, 13 cold room facilities, and associated commercial fisheries infrastructure. Following the MoU signing, Tantalizers Fisheries Limited, with its financial advisors GTI Capital and United Capital, will conduct a comprehensive review of the target companies' legal, financial, technical, operational, environmental, and commercial aspects.

Alhaji Adam Nuru, Chairman of Tantalizers Plc, stated that the MoU aligns with the company's strategic diversification into Nigeria's blue economy and commercial seafood sector. Tantalizers plans to leverage these assets for large-scale industrial fish trawling, shrimping, seafood processing, cold-chain logistics, export operations, and sustainable fisheries development. This acquisition is one of several strategic mergers and acquisitions undertaken since Tantalizers restructured into a Foodtainment Group.

Upon completion of this Karflex Companies acquisition, the plan is to integrate the assets and operations into Tantalizers Fisheries Limited, resulting in a wholly owned fishing and trawling business positioned to compete effectively within the local and international seafood market.

· Alhaji Adam NuruChairman of Tantalizers Plc, outlining the post-acquisition integration plans.

Upon completion, the acquired assets and operations will be integrated into Tantalizers Fisheries Limited, creating a wholly owned fishing and trawling business poised for both local and international seafood markets. The transaction is expected to contribute to Nigeria's food security value chain and enhance foreign exchange earnings, reinforcing Tantalizers' long-term value creation strategy across the food, entertainment, hospitality, and blue economy sectors.

Tantalizers’ renewed vision, institutional structure, and commitment to the marine and blue economy sector

· Mr Wilson SamuelChairman of Karflex Fisheries, commenting on the acquisition.
About this summary

Originally published by The Punch. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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