Mutli-Trex Turns To Private Placement For Funds

Multi-Trex Ltd, Nigeria's largest cocoa processor, is looking to significantly expand its capacity through a private placement. The company is offering 2bn shares at 3 naira each, as it is seeking to raise NGN6bn (US$50.9mn). Multri-Trex plans on using these funds to rapidly expand production capacity from 10,000 tonnes to 60,000 tonnes annually and is hoping to list on the Nigerian Stock Exchange in the last quarter of 2008. The company is also looking to begin producing finished consumer products rather than just raw cocoa, which it would market mainly in Asia, the United States and South and West Africa,

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