Frigoglass is commencing an ‘exploratory process’ relating to strategic options for its glass business. The company holds a market-leading position as a glass bottle manufacturer in West Africa and the Middle East, both prime targets for investments by top-tier international beverage brands.
Because of the long-term high-growth potential of the glass packaging business and the company’s strong position and solid manufacturing base in Nigeria, Frigoglass has been approached by a variety of investors expressing their interest in a wide range of strategic options, such as joint ventures, minority participations or even full acquisition of the business.
As such approaches may represent significant value creation potential, the company has resolved to evaluate those options in a structured manner and has retained Citigroup Global Markets Limited as its exclusive financial advisor to this effect.
No assurances can be given that the company will enter into any transactions as a result of this process. Frigoglass will not be making any further announcements relating to this process unless and until this is necessary or appropriate.
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