BY MICHAEL EBOH

Just Foods Limited said it is eyeing the Nigerian capital market for funds to finance its planned investment in steel fabrication and in the production of stainless steel products in Nigeria in the medium to long term.

The company said it is aware of the immense opportunities in Nigeria, especially in the food sector and his positioning to tap into these opportunities.

Speaking at the launch of an advanced cooking equipment — SelfCooking Center Whitefficiency, in Lagos, Mr. Mr. Peter Mason, Director, Just Foods, said the company plans to invest N400 million in the short term as parts of the first phase of the investment processes, to finance it operations, especially in undertaking backward integration, such as in assembling its high-tech cooking equipment in Nigeria among others.

He said the company’s plans to commence the production of stainless steel in Nigeria will be in the medium to long term and will be driven by its confidence in the Nigerian market and economy in general.

He explained that the funds for the investment in stainless steel production will be sourced through the capital market, either through a private placement, public offer, bond offer or any other means approved by its Board.

Mason further stated that investing in stainless steel production in Nigeria is part of its backward integration and is targeted at providing the necessary materials and equipment needed for its advanced cooking technology

He said, “We are looking at backward integration, that is, looking at our customers and determining what it is that they need. We intend to present to them answer and solutions to their needs.”

Concerning its growth plans, Mason noted that the company plans to grow gradually and in line with its business objectives.

“We are looking at growing step by step. We are considering investing in fabrication, which is much used in our business and in professional kitchens, then to assembling things together and then into manufacturing. The manufacturing involves producing components for the cooking equipment and our other products.

“We are investing about N400 million in the first phase. Then we will move to other stages where we will unfold our plans later. To this end, we are considering raising funds from the public and this will be decided by our Board,” he said.

Rational SelfCooking Center Whitefficiency, a product launched in partnership with Rational International, is an advanced cooking product capable of cooking, boiling, steaming and frying, among others.

According to Mason, Rational promises previously unmatched cooking output and quality, a much broader range of applications, greater flexibility of loading and efficient utilisation of the necessary resources, adding that new features of the product are the patented HiDensityControl and Efficient LevelControl.