Mayor Biscuits Company Limited (MABISCO), an indigenous biscuits company in Nigeria, has announced its decision to sell the multi-million dollar biscuits plant and reinvest the proceeds in a new line of business.
The sale of the facility was announced to the media yesterday in a statement signed by the company's finance director, Mr. Segun Matthew, in Lagos.
MABISCO, established in 2016, has a total capacity of 3.5 tonnes per hour and connection to the Shell LNG Gas terminal. The plant has packing machines that have 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).
Prior to shutting down operations in March 2023, MABISCO has inaugurated over 300 established distributors nationwide in 7 years.
In 7 years, MABISCO has accumulated a 5% market share in the Nigerian biscuits market, with a sustained market presence in the country's north, west and east. The plant is open to two sales options including selling the plant or sale of the machines.
According to Mr. Matthew, “We want to sell MABISCO because we want to concentrate on our area of core competence of business,' adding that 'to achieve that we have to divest appropriately'.
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