Finavest to invest US$10.5m in noodle production
Finavest Services Limited has entered into a $10.5 million joint venture agreement with Thai President Foods Public Company Limited (Thai President Foods) of Thailand for the establishment of an instant noodle production facility at Tema.
This is in a bid to take advantage of the production of instant noodles which gained popularity in Ghana a few years ago when an Indonesian producer aggressively developed the market.
The joint venture between these two companies brings together Thai President Foods’ technical knowhow, and Finavest Services Ltd’s extensive knowledge of the West African consumer market.
The company born out of this partnership is President and Pragma Foods Limited.
According to the Chief Executive Officer (CEO)â€ˆof Finavest Services Limited, Mr Ramzi Nahas, ‘there is strong potential to further develop the instant noodle market across West Africa, but high import tariffs and port congestion makes this very challenging.’
He explained that setting up a factory in Ghana is an advantage for consumers and for both companies as it puts an end to the obstacles of importation, brings the product within the reach of the consumer, and adds value to Ghana’s economy in terms of job creation and export revenue.
Finavest previously established Ghana’s first pasta production facility, which produced the brand Delicio’s among others, while Thai President Foods was the producer of Mama instant noodles, and is the largest instant noodle producer in South East Asia.
President and Pragma Foods Limited with a facility in Tema will produce instant noodles, which will be distributed throughout West Africa by Finatrade.
‘At Finatrade we connect with consumers across West Africa through our well established and vertically integrated distribution network,’ stated Mr Nahas.
‘We expect our instant noodles to provide consumers with a flavorful, convenient snack that brings quality nutrition to their daily lives.’
CEO and Vice Chairman of Thai President Foods, Mr Pipat Paniangvait and the President and Director of Thai President Foods, Mr Suchai Ratanajiajaroen, were present to mark the occasion, together with Finavest CEO, Mr Ramzi Nahas.
‘Thai President Foods is proud to be associated with Pragma Investments in President and Pragma Foods Ltd, and we look forward to continuing our strong and positive relationship for many years to come,’ said Mr Pipat Paniangvait.
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