Multi-Trex Integrated Food mulls N5b diversification

Multi- T-Rex Integrated Food Plc has concluded plans to diversify its operations into the  production of bottled water, liquid chocolate drinks and other Agro – commodities.

Managing Director, Multi- Trex Integrated Food Plc, Mr Yusuf Isiaka said this at the weekend during the annual general meeting (AGM) at its factory in Warewa, along the Lagos-Ibadan Expressway, Ogun State.

Isiaka said the company after paying up its debts and getting a clean bill of health from the Asset Management Corporation of Nigeria (AMCON), is set to resume production in the first quarter of next year.

He said within the first three months the company will begin the production of cocoa powder and c with plans to add more consumer products , including chocolate drinks, bars and other by 2027.

He said the company is working on its strategic product expansion plan for water production in 2027.

Isiaka disclosed that in the next five years the company intends to inject over N5 billion into its operations for expansion.

He said the management will depend to a large extent on its internally generate revenue for operations with considerations  equity placement.

Isiaka said the company will only approach any commercial bank as the last resort to secure working capital.

While unveiling its new strategic investors, Isiaka said the capacity and pedigree of the new partners will assist to secure raw materials for its operations.

The Multi – Trex Integrated Food Plc boss said the expertise and strength of its new investors which controls 40 percent of the cocoa market in Nigeria will position the company for quick recovery and market dominance.

He spoke about of  plans to offset the liabilities of its former workers , which was occasioned by its taken over by AMCON as one of the priorities.

He said besides the the raw materials to be secured from its partners/ new investors, the company will leverage supply from its investment in a 16 hectare cocoa farm it has been running since 1999.

Isiaka said the company intends to take advantage of the Federal Government policy which emphasizes that only value added produce are exported.

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Isiaka commended the shareholders for their patience and understanding while the company was under receivership highlighting the roles played by many parties to ensure the company returned to its original owners.

He said the new investors weighed many options , including taking the company’s assets and liabilities.

Isiaka said with the strategic plan been considered by the new investors and new management team to be put on place, Multi – Trex Integrated Food Plc will regain its place as a market leader in the local and international space.

He spoke of plans for retooling of the company’s industrial line.