Fan Milk Limited
Encyclopedia
Fan Milk Nigeria Plc was founded in 1960 by a Danish Merchant and Industrialist Erik Emborg with a recombination-plant at Ibadan, a distribution centre in Lagos with less than 30 employees.
The plant produced fresh milk from imported milk powder. Initially, the product range was white milk, chocolate milk, cottage cheese and set yoghurt. The main outlet was bicycle vendors supplied with cold products from a growing number of smaller depots.
In the 1970s Fan Milk introduced yoghurt drink, ice lollies, ice cream and new Tetra Pak packaging technology. The new products became very popular in the market and generated the financial strength to set up further depots and, in 1981, a second recombination-plant in Kano came up.
At the outset, the foreign partner owned 96 per cent of Fan Milk Plc. When the government introduced The Nigerian Enterprises Promotion Decree in the late 1970s. Fan Milk Plc increased its capital and invited more Nigerians to invest which created a 60 per cent Nigerian participation in the company.
During 1980s and 1990s, import restrictions, economic difficulties, devaluations and shortages of fuel weakened Fan Milk Plc. In 1998 the foreign partner and the industrialization Fund for Developing Countries ( Denmark) agreed to an infusion of capital which let the company restructure finances, refurbish cold rooms, increase the number of depots and introduce a product, Tampico, a fruit drink which became an instant success in the market.
The expansion and rehabilitation programme returned Fan Milk Plc to profitability. Fan Milk has sister companies in Ghana, Senegal, Togo, Benin, Burkina Faso and Code d'Ivoire. The headquarters of the foreign partner, Fan Milk International is situated in Aalborg, Denmark.
Fan Milk Limited is a Ghana
ian dairy
retailer based in Accra
. It has since begun operating in Benin
, Togo
and Burkina Faso
.They are listed on the stock index of the Ghana Stock Exchange
, the GSE All-Share Index
. It was incorporated in 1960 and was previously known as the Ghanaian Milk Company. It took advantage of Danish
investment in the early 1960s and initially specialised in pasteurized milk. However, in 1962, the company changed its name to Fan Milk Limited, and branched out into the production of ice cream
, yoghurt
and ice lollies. The name has since become a household name in Ghana, and is a common sight to see ice cream carts and bicycles on beaches and the streets selling the brand.
Fan Milk Limited was the first foreign invested company in Ghana to become a Public Limited Liability in 1967 and among the first Companies to be listed on the Ghana Stock Exchange
in 1990. As of 2003 it had over 3,250 shareholders.
As of December 31, 2003 its top shareholders are the Danish investors Fan Milk International Denmark with 7,365,955 shares (37.23%) and the Danish Industrialization Fund For Developing Countries with 4,954,420 shares (25.04%), and the Enterprise Insurance
Company with 1,978,472 shares (10%).
The plant produced fresh milk from imported milk powder. Initially, the product range was white milk, chocolate milk, cottage cheese and set yoghurt. The main outlet was bicycle vendors supplied with cold products from a growing number of smaller depots.
In the 1970s Fan Milk introduced yoghurt drink, ice lollies, ice cream and new Tetra Pak packaging technology. The new products became very popular in the market and generated the financial strength to set up further depots and, in 1981, a second recombination-plant in Kano came up.
At the outset, the foreign partner owned 96 per cent of Fan Milk Plc. When the government introduced The Nigerian Enterprises Promotion Decree in the late 1970s. Fan Milk Plc increased its capital and invited more Nigerians to invest which created a 60 per cent Nigerian participation in the company.
During 1980s and 1990s, import restrictions, economic difficulties, devaluations and shortages of fuel weakened Fan Milk Plc. In 1998 the foreign partner and the industrialization Fund for Developing Countries ( Denmark) agreed to an infusion of capital which let the company restructure finances, refurbish cold rooms, increase the number of depots and introduce a product, Tampico, a fruit drink which became an instant success in the market.
The expansion and rehabilitation programme returned Fan Milk Plc to profitability. Fan Milk has sister companies in Ghana, Senegal, Togo, Benin, Burkina Faso and Code d'Ivoire. The headquarters of the foreign partner, Fan Milk International is situated in Aalborg, Denmark.
Fan Milk Limited is a Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
ian dairy
Dairy
A dairy is a business enterprise established for the harvesting of animal milk—mostly from cows or goats, but also from buffalo, sheep, horses or camels —for human consumption. A dairy is typically located on a dedicated dairy farm or section of a multi-purpose farm that is concerned...
retailer based in Accra
Accra
Accra is the capital and largest city of Ghana, with an urban population of 1,658,937 according to the 2000 census. Accra is also the capital of the Greater Accra Region and of the Accra Metropolitan District, with which it is coterminous...
. It has since begun operating in Benin
Benin
Benin , officially the Republic of Benin, is a country in West Africa. It borders Togo to the west, Nigeria to the east and Burkina Faso and Niger to the north. Its small southern coastline on the Bight of Benin is where a majority of the population is located...
, Togo
Togo
Togo, officially the Togolese Republic , is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, on which the capital Lomé is located. Togo covers an area of approximately with a population of approximately...
and Burkina Faso
Burkina Faso
Burkina Faso – also known by its short-form name Burkina – is a landlocked country in west Africa. It is surrounded by six countries: Mali to the north, Niger to the east, Benin to the southeast, Togo and Ghana to the south, and Côte d'Ivoire to the southwest.Its size is with an estimated...
.They are listed on the stock index of the Ghana Stock Exchange
Ghana Stock Exchange
The Ghana Stock Exchange is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently has around 30 listed companies and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy,...
, the GSE All-Share Index
GSE All-Share Index
The principal stock index of the Ghana Stock Exchange or GSE is currently the GSE All-Share Index. This index is calculated from the values of each of the market's listings.-Market listings:-External links:**...
. It was incorporated in 1960 and was previously known as the Ghanaian Milk Company. It took advantage of Danish
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
investment in the early 1960s and initially specialised in pasteurized milk. However, in 1962, the company changed its name to Fan Milk Limited, and branched out into the production of ice cream
Ice cream
Ice cream is a frozen dessert usually made from dairy products, such as milk and cream, and often combined with fruits or other ingredients and flavours. Most varieties contain sugar, although some are made with other sweeteners...
, yoghurt
Yoghurt
Yoghurt, yogurt or yogourt is a dairy product produced by bacterial fermentation of milk. The bacteria used to make yoghurt are known as "yoghurt cultures"...
and ice lollies. The name has since become a household name in Ghana, and is a common sight to see ice cream carts and bicycles on beaches and the streets selling the brand.
Fan Milk Limited was the first foreign invested company in Ghana to become a Public Limited Liability in 1967 and among the first Companies to be listed on the Ghana Stock Exchange
Ghana Stock Exchange
The Ghana Stock Exchange is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently has around 30 listed companies and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy,...
in 1990. As of 2003 it had over 3,250 shareholders.
As of December 31, 2003 its top shareholders are the Danish investors Fan Milk International Denmark with 7,365,955 shares (37.23%) and the Danish Industrialization Fund For Developing Countries with 4,954,420 shares (25.04%), and the Enterprise Insurance
Enterprise Insurance
Enterprise Insurance is a pioneering Ghanaian insurance company. They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. It was formed in 1924 pre-independence, when Ghana was the British Gold Coast.-External links:*...
Company with 1,978,472 shares (10%).