Just Foods may seek funding from capital market

In its plan to expand business operations in the country, Just Foods Limited has said that it may approach the Nigerian capital market in future for funding.The company, in a statement, said seeking funds from the capital market either by way of private placement or public offer remained one of the options it might consider in its expansion drive.The Director, Just Foods, Mr. Peter Mason, was quoted as saying this at the official inauguration of an advanced cooking equipment by the company, called SelfCooking Centre Whitefficiency.The statement also quoted Mason as saying that the company had plans to invest about N400m in its business in the short-term to finance its operations.He noted that the company planned to go into the production of stainless steel in Nigeria in the medium to long-term, adding that such a plan would need huge funding.Mason stated that this was why the company might need to approach the capital market for funding, owing to the large capital needed for such a venture.According to him, the company is undertaking backward integration in its operations towards improving its core business and plans to delve into areas of assembling high-tech cooking equipment in the country.He said, We are investing about N400m in the first phase of our expansion process and then we will move to other stages, and so to raise the kind of funds we might need to boost our business later on, we may be considering raising funds from the public through the capital market, but the final decision on this, would rest on the board.We are also considering a lot of initiatives that would be focused at gearing our business and making it to achieve its vision of providing world-class kitchen and cooking equipment to professional kitchens to ensure that we have a whole new experience in their kitchen activities.He added that Just Foods had conducted series of researches over the years to determine the challenges that operators of professional kitchens were facing and was working towards ensuring that the company came out with solutions to ease their plight.Mason said the creation of the SelfCooking Centre Whitefficiency, was one of such products.
Click here to read full news..