Finavest Services Ltd today announced a USD $10.5 million joint venture agreement with Thai President Foods Public Company Ltd (Thai President Foods) of Thailand to establish an instant noodle production facility in Tema.
Instant noodles gained popularity in Ghana a few years ago when an Indonesian producer aggressively developed the market.
“There is strong potential to further develop the instant noodle market across West Africa, but high import tariffs and port congestion make this very challenging,” said Mr. Ramzi Nahas, CEO of Finavest Services Ltd. Setting up a factory in Ghana is a win for consumers and for both companies. It negates the obstacles of importation, brings the product within easy reach of the consumer, and adds value to Ghana’s economy in terms of job creation and export revenue.
Finavest Services Ltd previously established Ghana’s first pasta production facility, which produces the brand Delicio’s among others. Thai President Foods is the producer of Mama instant noodles, and is the largest instant noodle producer in South East Asia. 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 formed through this partnership is President and Pragma Foods Ltd.
President and Pragma Foods Ltd’s Tema facility 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 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.
Source: Finatrade press release, 16/09/2013