October 22, (THEWILL) – Owners of an indigenous biscuits company in Nigeria, Mayor Biscuits Company Limited (MABISCO), has stated that they have shut down the company and would be selling the multi-million-dollar biscuits plant. It will reinvest the proceeds into a new line of business, it said.
This was contained in a statement made available to the media.
According to the statement which quoted Segun Matthew, the company’s finance director, “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”
Established in 2016, MABISCO, with the state-of-the-art biscuits manufacturing technologies has a total capacity of 3.5tonnes per hour with access to Shell LNG Gas terminal. The plant has packing machines that have the capacity to do 350 packs per minute, the statement said .
Prior to shutting down operations in March 2023, MABISCO has inaugurated over 300 established distributors nationwide in 7 years. the company is situated in Agbara Industrial Zone, Ogun State and it has a land area of 73,732.391 Square metres (sq2m).
In 7 years, MABISCO has accumulated 5% market share in the Nigerian biscuits market, with a sustained market presence in the north, west and east of the country.
The statement said the plant is open to two sales options that includes selling the plant or sale of the machines.
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