Cocoa firm exceeds commercial paper target

Sunbeth Global Concept Limited has attracted subscriptions exceeding N220 billion for its N150 billion commercial paper offer, reflecting strong investor confidence in the company’s business and growth strategy. The offer exceeded its target by more than N70 billion, representing oversubscription of more than 46.7 per cent. Proceeds will support cocoa procurement for the new season and finance the company’s trading and working capital requirements.

The successful offer comes as Sunbeth expands its cocoa sourcing and trading operations alongside its investment in processing. Its planned 70,000 metric tonne cocoa processing plant in Nigeria forms part of a broader strategy to deepen local value addition and supply cocoa products to local, regional and international customers. Commenting on the outcome, Chief Financial Officer, Adeyemi Aduwo, said: “The strong response reflects investors’ confidence in Sunbeth and our growth strategy.

We thank our investors and transaction partners for their support. This funding strengthens our cocoa procurement capacity as we continue building an integrated business spanning sourcing, trading and processing.” Sunbeth acknowledged Chapel Hill Denham, its lead arranger, and the participating dealers, advisers and professional partners for their contribution to the issuance.