Food Concepts Plc, which owns the Chicken Republic brand, announced that it had commenced the process to raise up to 3.6 billion naira by way of a rights issue.
A statement released by the company noted that it kicked off the process following shareholders’ approval at the 16th Annual General Meeting held on November 1, 2018. The Directors believe that the proposed rights issue presents an excellent opportunity for existing shareholders to increase their investment in the company.
According to the Managing Director of Food Concepts, David Butler, ” the rights issue will enable the company to achieve its strategic growth plans and maximise shareholders’ value. The net proceeds of the rights issue will be utilised in funding store expansion, supply chain and distribution improvements as well as launching new brands to meet the flavour profile of the consumer”.
The company has submitted a formal application as well as the relevant documentation to the appropriate regulatory authority for approval.
Food Concept Plc is also a shareholder of Food Concept Pioneer Limited (Butterfield’s and Yum Yum Baked goods Brands), and currently operates 51 company-owned and 19 franchise restaurants across Nigeria and Ghana.