foam

It is stressful to operate in the foam industry — Vitafoam GMD

It is stressful to operate in the foam industry — Vitafoam GMD

As a strategic move to boost our working capital and sustain competitive edge we secured a four-year N2 billion soft loan from the Bank of Industry (BOI) at concessionary interest rate. We could not go to the capital market because the market lacked liquidity due to the economic recession in the country then. Mind you, the market does not work in isolation. The economic situation affects the market. The option we had was to approach BOI as we could no longer cope with banks’ loans