Tantalizers Plc has signed a Memorandum of Understanding with Karflex Fisheries Limited and Karflex Investment Limited over the proposed acquisition of major fisheries and marine assets as part of its expansion into Nigeria’s blue economy sector.
The proposed acquisition includes 24 fish trawlers and shrimpers, 13 cold-room facilities, and other commercial fisheries infrastructure to strengthen industrial fishing, seafood processing, cold-chain logistics, shrimping, and export operations.
The company said the transaction would be executed through its subsidiary, Tantalizers Fisheries Limited, as part of a broader diversification strategy focused on sustainable fisheries development and foreign exchange generation.
Deal Details
Under the terms of the agreement, Tantalizers Fisheries Limited and its advisers will conduct legal, financial, technical, operational, environmental, and commercial due diligence on the target firms and assets within an agreed timeline.
Speaking during the signing ceremony, Dr. Israel Ovirih, representing the Chairman of Tantalizers Plc, Adam Nuru, described the transaction as another strategic milestone following the company’s restructuring into a Foodtainment Group.
“The Board of Tantalizers Plc is pleased with the signing of this MOU and looks forward to the successful completion of the transaction,” Ovirih said.
He added that upon completion, the acquired assets and operations would be integrated into Tantalizers Fisheries Limited to establish a wholly-owned fishing and trawling business capable of competing in both local and international seafood markets.
According to him, the deal aligns with the company’s long-term diversification agenda and its focus on sectors capable of boosting Nigeria’s food security value chain and generating foreign exchange earnings.
Commenting on the transaction, Chairman of Karflex Fisheries, Wilson Samuel, said the partnership presents an opportunity to unlock the commercial value of the fisheries assets developed over the years.
“We believe this transaction represents a significant opportunity to unlock the full commercial value of the assets built over the years by Karflex Fisheries,” Samuel said.
He added that Karflex shareholders are optimistic about the timely completion of the acquisition and see the fisheries business eventually becoming a subsidiary of Tantalizers Plc.
The completion of the proposed acquisition remains subject to due diligence, valuation, execution of definitive agreements, regulatory approvals, and other agreed conditions precedent.
