Grace Ashiru
Tantalizers Plc has revealed the signing of a Memorandum of Understanding (MoU) to acquire the entire asset portfolio of DanBethel Marine Services Limited, a marine and fishing enterprise based in Apapa.
This announcement comes on the heels of Tantalizers’ recent disclosure of a N1 billion private equity investment by Messrs Food Specialties and Banklink Africa Private Equities, which together secured a majority stake in the company.
Building on the momentum of this N1 billion capital injection, Tantalizers confirmed its intent to acquire all assets of DanBethel Marine Services Limited through an NGX disclosure dated December 28, 2024.
According to the announcement shared on the NGX platform, Tantalizers’ planned acquisition aligns with its strategic goal of expanding into the blue economy. The company has outlined a specific focus on the seafood industry, with plans to engage in industrial fish trawling, aquaculture, mariculture, seafood supplies, and various other marine-related operations.
Commenting on the signing of the MoU, Tope Fagbamila, the Managing Director and CEO of DanBethel, expressed great enthusiasm, remarking that the team admires the boldness and capability of the new leadership at Tantalizers and is eager to contribute to taking the company to new heights. Adam Nuru, the Chairman of Tantalizers Plc, shared a similar perspective, describing DanBethel’s acquisition as a strategic move that aligns perfectly with Tantalizers’ plans. He further highlighted the company’s commitment to investing in its fleet over the next five years to seize the immense opportunities within Nigeria’s largely untapped fishing and aquaculture industry.
About DanBethel Marine Services
•Headquartered in Apapa, Lagos, DanBethel Marine Services is recognized for its fleet of fishing trawlers and a variety of related marine assets. The company has established a strong foothold in Nigeria’s domestic seafood supply market.
•With the growing demand for healthier protein sources and the shift towards sustainable food systems, the MoU offers Tantalizers a chance to explore new opportunities within the marine industry.
•Leveraging DanBethel’s decades of expertise in fish trawling and processing, Tantalizers Plc is poised to expand its reach in seafood production, integrate its supply chain, and venture into value-added aquaculture processes.
Market Performance of Tantalizers
In 2024, Tantalizers achieved an impressive year-to-date (YTD) growth of 266% in the Nigerian stock market.
The share price began the year at N0.47 and experienced steady growth through mid-year, with a significant upward trend emerging in August. Between January and October, the movement remained positive but gained considerable momentum in November, likely driven by the announcement of a N1 billion private equity injection. This development led to a surge in the share price, climbing from N0.64 to over N1.70 by the end of the year. According to the company, this capital injection is intended to resolve long-standing financial challenges and position Tantalizers for a stronger future. The funding was secured from Messrs Food Specialties and Organics Limited, alongside Banklink Africa Private Equities Limited, both of which acquired a majority stake in the company.
