Sunbeth attracts 46.7% oversubscription for N150bn offer

Sunbeth Global Concept Limited has attracted subscriptions exceeding N220 billion for its N150 billion commercial paper offer, representing an oversubscription of 46.7 per cent and reflecting strong investor confidence in the company’s growth strategy.

The offer attracted more than ₦70 billion above its target, with proceeds expected to support cocoa procurement for the new season and finance the company’s trading and working capital requirements.

The successful issuance comes as Sunbeth expands its cocoa sourcing and trading operations while strengthening its investment in processing and local value addition.

A key component of the company’s expansion strategy is its planned 70,000-metric-tonne cocoa processing plant in Nigeria, which is expected to deepen domestic processing capacity and support the supply of cocoa products to local, regional and international markets.

Commenting on the outcome, Adeyemi Aduwo, Chief Financial Officer of Sunbeth, said the strong subscription reflected investors’ confidence in the company and its growth strategy.

He thanked investors and transaction partners for their support, noting that the funding would strengthen the company’s cocoa procurement capacity as it develops an integrated business spanning sourcing, trading and processing.

Sunbeth said the commercial paper proceeds would provide working capital to support its operations during the new cocoa season, as it continues to build its sourcing network and expand its presence in global markets.

The company acknowledged Chapel Hill Denham, its lead arranger, as well as the participating dealers, advisers and professional partners involved in the issuance.

Other institutions involved in the transaction included AVA Capital Plc, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FSL Advisory Limited, Meristem Capital Limited, Norrenberger Advisory Partners Limited, PAC Capital Limited, Rand Merchant Bank, CFG Manyard, Absa Nigeria and Zedcrest.

KPMG also participated in the transaction, while The New Practice served as legal counsel.

Sunbeth said it remained focused on expanding its global customer base, strengthening its cocoa sourcing network and developing its processing capacity, supported by disciplined financial management.