Fan Milk

Fan Milk is a manufacturer and retailer of ice cream and frozen dairy products[1] which has a leading position on the West African market.

Fan Milk
TypePublic
GSE: FML
GenreIce Cream
Founded1960
Headquarters
Ghana
Key people
Danish investors
ProductsMilk, Ice Cream, Yoghurt and Ice lollies
Total assets3250 + shareholders (2003)
ParentFan Milk International Denmark
Websitewww.fanmilk.com/our-footprint/ghana.html

In 2013, The Abraaj Group, a growth markets private equity investor acquired 100% of the Fan Milk business in West Africa.[2]

History
A woman selling Fan Milk products in Ijebu Ode

Fan Milk Limited is a Ghanaian 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.[3]

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 on 18 October 1991 with the symbol FML. As of 2003 it had over 3,250 shareholders.[4]

Ownership

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%). As at 2013 Abraj and Danone became joint owners of Fan Milk with each of them having 51% and 49% stake in Fan Milk respectively. Danone became a majority shareholder in 2016. On July 30, 2019,[5] Danone acquired the remaining 49% shares of Abraaj to increase its stake to 100%. [6]

Products
A range of Fan Milk products
  • Fanice (150mL Pouch)
  • FanGold
  • FanYogo (Strawberry, mango & passion[7])
  • FanChoco
  • FanDango
  • FanVanille (Togo, Benin)
  • Fanmaxx (Ghana)
  • FanYogo(Strawberry, Banana Flavour)

References
  1. Steele, Lauren (May 27, 2016). "An International Guide to Snacking". Men's Journal. Retrieved June 21, 2017.
  2. Private equity firm Abraaj to acquire West Africa's Fan Milk, International: Reuters, 2013
  3. "Leading West African dairy company, Fan Milk acquired for $300 Million by Abraaj Group". CPAfrica. 2013-06-25. Retrieved 2017-04-04.
  4. "The Company". Fan Milk Limited. 2007. Archived from the original on October 24, 2008. Retrieved September 25, 2008.
  5. https://doobia.com/investor-relations/headlines.php?read=5D42122BE5205&c=Rk1MOkdTRQ==&n=Q29uc3VtZXIg&id=512BCA7B28CD5&sid=512BC6AC8025D&cn=RmFuIE1pbGsgTGltaXRlZA==
  6. https://www.fanmilk.com/content/dam/danone-corp/danone-com-west-africa/ghana/shareholder_information/Fan%20Milk%202019%20signed.pdf
  7. "Products Range | Fan Milk Limited - Ghana". www.fanmilk-gh.com. Retrieved 2018-01-31.
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