In what is seen as the commitment of its new leadership to portfolio diversification and creating long-term value for its shareholders, and supporting sustainable marine practices in Nigeria’s over 853 kilometres coastline, the board of food Quick Service Restaurant chain- Tantalizers Plc, on Friday even announced a planned foray into the fish trawling business.
The company, in a notice to the Nigerian Exchange Limited, said it is acquiring all the assets of Apapa, Lagos-based DanBethel Marine Services Limited.
According to the notice by the company secretary, Olamide Babawale-Mo, Tantalizers hopes to continue its transformation aimed at delivering value to shareholders.
A Memorandum of Understanding (MoU), which “marks a significant step in the company’s strategic expansion into the blue economy space specifically focusing on industrial fish trawling, aquaculture, mariculture, seafood supplies and marine operations sector,” the statement added, will see Tantalizers acquiring all the assets of DanBethel Marine.
Tantalizers told the Nigerian Exchange Limited that the target company “is renowned for its fleet of fishing trawlers and related marine assets,” and has over the years established itself as a player in the domestic seafood supplies space.
“With the increasing demand and emphasis on seafood as healthier source of protein, sustainable food systems and marine industries based opportunities, this venture aligns with the Tantalizers’ new vision of expanding into innovative, more dynamic and sustainable growth sectors.
“The DanBethel team brings decades of expertise in fish trawling and processing, thereby positioning Tantalizers Plc to tap into the vast potential of seafood production, supply chain integration, and value-added processing in aquaculture,” the notice stressed.
The acquisition which is planned for completion over the coming 180 days, the statement added, represent a critical step in exploring new markets and providing high-quality seafood products for our customers, both domestic and international.”
Commenting on the MoU signing, Tope Fagbamila, Managing Director/Chief Executive of DanBethel stated that its “team admires the courage and capacity of the new Tantalizer’s leadership and are excited to be part of pivoting the company to a new height.”
Also speaking on the development, Adam Nuru, Tantalizers Plc Chairman described the DanBethel acquisition as “an excellent strategic fit for us as we further invest over the next five years in the company’s fleet to capture significant opportunities in the largely unexplored Nigerian fishing and aquaculture industry”
