Fan Milk
{{Short description|Ghanaian ice cream manufacturer}}
{{Infobox company
| name = Fan Milk
| logo = FanMilk.jpg
| logo_size = 140px
| type = Public
|traded_as = {{GSE|FML}}
| genre = Ice Cream
| foundation = 1960
| founder =
| location_city = Ghana
| location_country =
| location =
| locations =
| area_served =
| key_people = Danish investors
| industry =
| products =Milk, Ice Cream, Yoghurt and Ice lollies
| services =
| revenue =
| operating_income =
| net_income =
| assets = 3250 + shareholders (2003)
| equity =
| owner =
| num_employees =
| parent = Danone
| divisions =
| subsid =
| caption =
| homepage = {{URL|https://fanmilk.danone.com/}}
| footnotes =
| intl =
}}
Fan Milk is a Ghana based manufacturer and retailer of ice cream and frozen dairy products,{{cite news | last=Steele | first=Lauren | title=An International Guide to Snacking | website=Men's Journal | date=May 27, 2016 | url=http://www.mensjournal.com/food-drink/collections/the-30-best-international-snacks-w207916/ghana-fan-milk-fan-ice-w207950 | access-date=June 21, 2017}}{{Cite web |date=2013-10-01 |title=Fan Milk Ghana: Consumer goods |url=https://oxfordbusinessgroup.com/analysis/fan-milk-ghana-consumer-goods-0 |access-date=2022-05-29 |website=Oxford Business Group |language=en |archive-date=2022-06-28 |archive-url=https://web.archive.org/web/20220628190712/https://oxfordbusinessgroup.com/analysis/fan-milk-ghana-consumer-goods-0 |url-status=dead }}{{Cite web |title=Fan Milk |url=https://ofoundation.nl/fan-milk/ |access-date=2022-05-29 |website=OFoundation |language=en-US}} In July 2019, Danone, previously a joint shareholder with The Abraaj Group, increased its stake to 100% and thus assumed complete ownership of the company.{{cite web|url=https://www.fanmilk.com/content/dam/danone-corp/danone-com-west-africa/ghana/shareholder_information/Fan%20Milk%202019%20signed.pdf|title=Fan Milk shareholder information}}
History
File:Solanke Lukman, Nigeria Photo 2.jpg]]
Fan Milk Limited is a Ghanaian dairy retailer based in Accra that's listed on the Ghana Stock Exchange and the GSE All-Share Index. Since its inception in 1960 the company has commenced operations in Benin, Togo and Burkina Faso. Previously known as the Ghanaian Milk Company, they ascertained Danish investment in the early 1960s and initially specialized in pasteurised milk. However, in 1962, the company changed its name to Fan Milk Limited and branched out into the production of ice cream, yoghurt, ice lollies and other frozen dairy products.{{Cite web|url=http://www.cp-africa.com/2013/06/25/leading-west-african-dairy-company-fan-milk-acquired-for-300-million-by-abraaj-group/|title=Leading West African dairy company, Fan Milk acquired for $300 Million by Abraaj Group|date=2013-06-25|website=CPAfrica|access-date=2017-04-04|archive-date=2017-04-05|archive-url=https://web.archive.org/web/20170405170519/http://www.cp-africa.com/2013/06/25/leading-west-african-dairy-company-fan-milk-acquired-for-300-million-by-abraaj-group/|url-status=dead}}
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.{{cite web|url=http://www.fanmilk-gh.net/internet/index.php?CatId=87|title=The Company|year=2007|publisher=Fan Milk Limited|access-date=September 25, 2008|url-status=dead|archive-url=https://web.archive.org/web/20081024025713/http://www.fanmilk-gh.net/internet/index.php?CatId=87|archive-date=October 24, 2008}}
Ownership
As of December 2003, Fan Milk's top shareholders were Fan Milk International Denmark with 7,365,955 shares as in 37.23%, the Danish Industrialization Fund For Developing Countries with 4,954,420 shares as in 25.04%, and Enterprise Insurance with 1,978,472 shares being 10% of the company. At that stage Fan Milk International Denmark, the Danish Industrialization Fund for Developing Companies and Enterprise Insurance each owned a 37.23%, 25.04% and 10% stake of Fan Milk Ghana respectively.
In 2013, The Abraaj Group and Danone became joint owners of Fan Milk, obtaining a 51% and 49% stake in the company, respectively.{{cite web|url=https://www.reuters.com/article/us-abraaj-ghana-idUSBRE95I0Q320130619|title=Private equity firm Abraaj to acquire West Africa's Fan Milk|date=19 June 2013|publisher=Reuters|website=reuters.com}}
{{cite web|url=https://www.dairyreporter.com/Article/2013/10/25/Fan-Milk-takeover-a-major-step-in-African-expansion-Danone|title=Fan-Milk takeover a major step in African expansion Danone|author=Astley, Mark|date=24 October 2013|publisher=Dairy Reporter|website=dairyreporter.com}} Danone eventually became a majority shareholder in 2016. On July 30, 2019, Danone acquired Abraaj's remaining 49% shares, increasing its stake to 100% and thus assuming complete ownership of the company.{{cite web|url=https://www.fanmilk.com/content/dam/danone-corp/danone-com-west-africa/ghana/shareholder_information/Fan%20Milk%202019%20signed.pdf|title=Fan Milk shareholder information}}
Products
- Fanice (150mL Pouch)
- FanGold
- FanYogo (Strawberry, mango & passion{{Cite web|url=http://www.fanmilk-gh.com/products-range.php|title=Products Range {{!}} Fan Milk Limited - Ghana|website=www.fanmilk-gh.com|access-date=2018-01-31|archive-date=2018-01-31|archive-url=https://web.archive.org/web/20180131030630/http://www.fanmilk-gh.com/products-range.php|url-status=dead}})
- FanChoco
- FanDango
- FanVanille (Togo, Benin)
- Fanmaxx (Ghana)
- FanYogo (Strawberry, Banana Flavour)
References
{{Reflist}}
External links
- [https://web.archive.org/web/20160908193502/http://www.fanmilk-gh.net/ Fan Milk Limited Official Website]
- {{cite web|url=http://www.africanfinancials.com/Report.aspx?afr_year=2007&CountryDOMAIN=gh&CshortName=FML |archive-url=https://web.archive.org/web/20110707093026/http://www.africanfinancials.com/Report.aspx?afr_year=2007&CountryDOMAIN=gh&CshortName=FML |url-status=dead |archive-date=2011-07-07 |title=Fan Milk 2007 annual report |publisher=African Financials }}
- [https://web.archive.org/web/20090313041441/http://www.google.com/finance?q=GHA:FML Google Finance listing for Fan Milk]
- [http://www.alacrastore.com/company-snapshot/Fan_Milk_Ltd-3813583 Fan Milk at Alacrastore]
- Fanmilk Ghana PLC Official website
{{Economy of Ghana}}
{{Economy of Nigeria}}
Category:Food and drink companies of Ghana
Category:Companies based in Accra
Category:Food and drink companies established in 1960
Category:Companies listed on the Ghana Stock Exchange