The owners of major indigenous biscuits company in Nigeria, Mayor Biscuits Company Limited MABISCO, says they will sell the multi-million-dollar biscuits plant to reinvest the proceeds into a new line of business.
In a statement signed by the Finance Director of the company, Segun Matthew, prior to shutting down operations in March this year, MABISCO had inaugurated over 300 established distributors nationwide in seven years.
“In seven years, MABISCO has accumulated five per cent market share in the Nigerian biscuits market, with a sustained market presence in the North, West and East of the country,” the statement said.
It added that the plant was open to two sales options, including selling the plant or sale of the machines.
According to Matthew, “We want to sell MABISCO because we want to concentrate on our area of core competence of business.
“To achieve that, we have to divest appropriately.”
Established in 2016, MABISCO, with the state-of-the-art biscuits manufacturing technologies, had a total capacity of 3.5tonnes per hour with access to Shell LNG Gas terminal.
The plant had packing machines that had the capacity to do 350 packs per minute.
MABISCO is situated in Agbara Industrial Zone, Ogun State and it has a land area of 73,732.391 Square metres (sq2m).