• Tuesday, April 23, 2024
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Johnvents Industries redeems N3.68bn series 4 commercial paper

Johnvents Industries redeems N3.68bn series 4 commercial paper

Johnvents Industries, a cocoa processing company, has successfully redeemed its series 4 commercial paper of N3.68 billion.

It said this was done towards bolstering working capital capacities, enabling the company to expand its operations and meeting the growing demand for high-quality agro products in the country.

John Alamu, GMD of Johnvents Industries Limited, in a statement made available to BusinessDay on Tuesday in Akure, said the Commercial Paper, which was issued at a yield of 18.5 percent, was indicative of the market’s recognition of the company’s strong performance and future potential.

According to him, the repayment marks another milestone in Johnvent’s commitment to financial stability and investor confidence.

Alamu, who expressed his gratitude to the company’s investors and stakeholders for their support said, “The successful repayment of our Series 4 Commercial Paper symbolises our commitment to financial responsibility and sustainable growth.

“We extend our heartfelt appreciation to our investors for their trust and confidence in Johnvents Industries.

“In addition to the repayment of the Series 4 CP, Johnvents Industries is gearing up for the redemption of its Series 5 Commercial Paper on February 27, 2024.

“The Series 5 CP, issued in August 2023 at a face value of N787.2 million and a yield of 15.75 percent has served its intended purpose of fortifying the company’s working capital reserves.

“We remain dedicated to maintaining the highest financial transparency and accountability standards.”

He said the upcoming redemption of Series 5 Commercial Paper reflects the company’s financial prudence and positions it for sustained success in the cocoa processing industry.

“With a strong track record of excellence and a commitment to quality, Johnvents Industries reaffirms its position as a trailblazer in Nigeria’s cocoa processing sector. The successful repayment of the Series 4 Commercial Paper underscores the company’s resilience and reinforces investor confidence in its prospects.

“We are committed to driving sustainable growth across the entire agricultural value chain from production, processing, manufacturing and distribution. The company is at the intersection of everything agriculture, unlocking immense values and ensuring food supply and premium export value for Africa.

“Johnvents operates a group structure, with six businesses committed to driving sustainable growth across the agricultural value chain, including production, processing, manufacturing and trade of commodity and food products in Nigeria and the rest of the world,” he added.

The managing director described Johnvents subsidiaries to include, Johnvents Cocoa Factory, Akure – a 15,000 MT plant with Cocoa Liquor, Butter, Cake or Powder output. Since the start of operations in 2021, 20,000 MT of cocoa butter and cake has been exported to European countries, the USA and other parts of the world.

Premium Cocoa Products (Ile-Oluji) is Nigeria’s pioneer cocoa processing plant. It is a 30,000 MT Cocoa processing plant with a global legacy producing globally acceptable cocoa products. Johnvents acquired it in February 2023, he said.

Alamu added, “Johnvents Foods launched Johnvents Pure Cocoa Powder, an everyday beverage that provides 100 per cent cocoa nourishment. It acquired a cocoa product factory in Idanre to produce Oluji Pure Cocoa Powder, Johnvents Chocolate drink, Cocoa Pops, Cocoa Cube, and other cocoa-based products.

“Johnvents Trading is a vital commodity value chain player with a combined warehouse capacity of 15,000 metric tonnes in Kano and other locations across Nigeria, with the capacity to store up to 75,000 bags at any time. The Company has strong capabilities in procuring, storing and trading multiple commodities, including paddy and processed rice, soybeans, sesame seed and cocoa.

“Haven Hauling is a logistics and export business. It combines a state-of-the-art transport fleet (with over 50 trucks) and vastly experienced freight and export personnel to ensure our products timely and safe delivery to their intended destinations.

“Johnvents Farms is a combined 800 hectares of land in Oda and Ile-Oluji, Ondo State. The land in Ile-Oluji contains 50 hectares of palm oil plantations, while the massive 750 hectares of farmland at Oda are primarily used to produce sustainable cocoa.”