March 23, 2017/Proshare WebTV
One of Nigeria’s leading players in the garment industry manufacturing space, Crown Natures Plc is planning to raise N1.65bl, through the capital market to finance its 3-year optimization plan and expansion of operations.
It also has a long-term 7 year stretch strategy to build a garment manufacturing plant in Nigeria, valued between N5.2bl to N7bl to reposition it as a leader in the development of the value chain of the textile industry.
This was disclosed today by the MD/CEO of Crown Natures Plc Mrs Omolara Aromolaran at the NASD OTC Exchange Analyst call session with market stakeholders.
Mrs Aromolaran said since its establishment in 2006, Crown Nature Free Enterprise the manufacturing arm of the company, got its license in 2013 and is currently operating with a 300 workforce capacity and installed full scale mass production of 7 product lines.
She said currently Nigeria spends $4bl annually to import textile and ready made clothing, which Crown Natures Plc believes is an easy gain for an indigenous apparel manufacturing company.
On the location of the Crown Natures Free Zone Enterprise relocation to Lekki Free Trade Zone, was part of the company’s resolve to industrialize global clothing manufacturing in Nigeria and also gives it access to raw materials.
The Crown Natures Plc boss also asserted that the company was taking advantage of the Made-In-Nigeria agenda of the current administration as well as the opportunities in the growth and diversification plan of the Federal Ministry of Industry, Trade and Investments.
Giving his remarks at the event, the MD/CEO of the NASD OTC Securities Exchange Mr. Bola Ajomale, lauded Crown Natures Plc for exploring the market in its expansion plans.
He said the NASD was committed to supporting enterprises and is focused on building a retail investor market. Mr Ajomale noted that Crown Natures Plc had the advantage of raw materials, human resources and a market to enlarge its frontiers.
The NASD boss made a strong case for equity financing, highlighting the fact that it is long-term, healthier and rewarding for investors.
Crown Natures Plc has product lines ranging from Branded or Unbranded Caps, Hats, Mens Underwear Boxers, Singlets, Tshirt, Polo Shirt, Cotton Shirt, Apron, Industrial and School Uniform, Denim, Sport Jersey Short, Long and Top, General male, Female and Kids knit & woven wears.