Details of Fan Milk Limited

Company Profile

SymbolFML
Company NameFan Milk Limited
Stated CapitalGH
Security
Nature of BusinessProduction of dairy products and fruit drinks
Date IncorporatedJanuary 7th. 1960
Comments
Date Listed18th October 1991
Registered OfficeNo.1. Dadeban Road, North Industrial Area
Postal AddressP.O. Box 6460. Accra-North.
Tel0
Fax0
Emailfml@fanmilk-gh.com
Websitewww.fanmilk-gh.net
Types of Traded SecuritiesOrdinary Shares of no par value
Issued Shares(GH) (mil.)116.21
Authorised Shares200,000,000
DirectorsCharles Mensa (Dr) - Chairman, Jesper B. Jeppesen - Managing Director. Peace P Ayisi-Okyere (Mrs.) - Member, Kodjo Biamawu. Azigbe - Member, Jens Jorgen Kollerup - Member, George H. Okai Thompson - Member, Mr Jacob Kholi - Member, Mr Mario Reis - Member
Change of NameFrom Ghana Milk Company to Fan Milk Limited in 1962
Comments

Press Releases

July 2017

FML has released its un-audited Financial Statements for the half year ending June 30, 2017 as per the attached.

Issued in Accra, this 26th day of  July, 2017.

 

May 2017

FML announces that the Company’s Annual General Meeting will be held at the National Theatre on Monday, 15th May, 2017 at 11.00am.

Issued at Accra, this 10th day of  May, 2017.

July 2016

FML has released the attached announcement for the information of the general investing public.

Issued at Accra, this 5th day of  July, 2016.

April 2016

Final Dividend
FML announces that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GH¢0.1035 per share for the financial year ended 31st December, 2015.

Qualifying date
All shareholders registered in the books of FML at the close of business on Friday, 6th May, 2016 will qualify for the final dividend.

Closure of Register
The Register of shareholders will be closed from Thursday, 5th May, 2016 to Friday, 6th May, 2016 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Friday, 29th April, 2016. Consequently, an investor purchasing FML shares before this date will be entitled to the final dividend.  However, an investor buying FML shares on or after Friday, 29th April, 2016 will not be entitled to the final dividend.

Proposed Dividend Payment Date
The dividend will be paid on Wednesday, 1st June, 2016.

AGM Date
The Annual General Meeting will be held at the National Theatre on Monday, 9th May, 2016 at 11.00am

Issued at Accra, this 13th day of  April, 2016.

February 2016

FML has released the attached announcement for the information of the general investing public.

Issued at Accra, this 25th day of  February, 2016.


April 2015

Final Dividend
FML announces that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GH¢0.09 per share for the financial year ended 31st December, 2014.

Qualifying date
All shareholders registered in the books of FML at the close of business on Monday, 4th May, 2015 will qualify for the final dividend.

Closure of Register

The Register of shareholders will be closed from Tuesday, 5th May, 2015 to Wednesday, 6th May, 2015 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Wednesday, 29th April, 2015. Consequently, an investor purchasing FML shares before this date will be entitled to the final dividend. However, an investor buying FML shares on or after Wednesday, 29th April, 2015 will not be entitled to the final dividend.

Proposed Dividend Payment Date
The dividend will be paid on Monday, 1st June, 2015.

AGM Date
The Annual General Meeting will be held at the National Theatre on Wednesday 6th May, 2015 at 11.00am

Issued at Accra, this 9th day of April, 2015.
Final Dividend
FML announces that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GH¢0.09 per share for the 2014 financial year.

Qualifying date

All shareholders registered in the books of FML at the close of business on Monday, 4th May, 2015 will qualify for the final dividend.

Closure of Register

In view of this, the Register of shareholders will be closed from Tuesday, 5th May, 2015 to Wednesday, 6th May, 2015 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Wednesday, 29th April, 2015. Consequently, an investor purchasing FML shares before this date will be entitled to the final dividend. However, an investor buying FML shares on or after Wednesday, 29th April, 2015 will not be entitled to the final dividend.

Dividend Payment Date

The dividend will be paid on Monday, 1st June, 2015.

Issued at Accra, this 1st
day of April, 2015.

February 2015

FML has released the attached announcement for the information of the general investing public.

Issued at Accra, this 18th day of February, 2015.
FML has released its un-audited Financial Statements for the year ended December 31, 2014 as per the attached.

Issued at Accra, this 30th day of January, 2015.

November 2013

FML has released the attached announcement for the information of the general investing public.


Issued at Accra, this 28th
day of November, 2013

June 2013

Fan Milk Limited Ghana (FML) hereby announces that the Abraaj Group (Abraaj), has entered into a conditional agreement to acquire the entire issued share capital of Fan Milk International (FMI). FMI is the majority shareholder of FML.

Upon the completion of the purchase of FMI, FMI will continue to be the majority shareholder of FML but Abraaj will indirectly acquire effective control of FML through its control of the 65,822,250 voting shares of FML (representing 56.64% of the equity of FML) that are owned by FMI.

Abraaj has made an application to the Securities and Exchange Commission (SEC) for an exemption, under the Code on Takeovers and Mergers, from the equirement to make a mandatory takeover offer for the remaining shares of Fan Milk Limited. The completion of the transaction is conditional upon the grant of an exemption by the SEC.

Abraaj is a private equity investor operating in the developing and growth markets of Africa, Asia, Latin America and the Middle Eat. FMI has holdings in FML, Emidan A/S, Fan Milk Nigeria, Fan Milk Togo, Fan Milk Code D’Ivoire, Fan Milk Benin, Fan Milk Burkina Faso, Abebe Adewara Ventures and Fan Milk Liberia.


Issued at Accra, this 19th
day of June 2013.
FML has released the attached announcement for the information of the general investing public.

Issued at Accra, this 19th
day of June 2013.


November 2012

Interim Dividend
FML has announced an Interim Dividend of GH¢0.20 per share in respect of its 2012 financial year.
 
Qualifying date
Members registered in the books of FML at the close of business on Wednesday, December 12, 2012 will qualify for the payment of the interim dividend.
 
Closure of Register
The Register of shareholders will be closed on Thursday, December 13, 2012.
 
Ex-Dividend Date
The ex-dividend date has been set as Monday, December 10, 2012. Consequently, an investor purchasing FML shares before this date will be entitled to the interim dividend.  However, an investor buying FML shares on or after Monday, December 10, 2012 will not be entitled to the interim dividend.
 
Dividend Payment Date
The interim dividend will be paid on Thursday, December 20, 2012.
Issued at Accra, this 26th    
day of November, 2012.

March 2012

Final Dividend
FML has announced that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GH¢0.04 per share for the 2011 financial year.
 
Qualifying date
All shareholders registered in the books of FML at the close of business on Tuesday, 8th May, 2012 will qualify for the final dividend.
 
Closure of Register
In view of this the Register of shareholders will be closed from Wednesday, 9th May, 2012 to Thursday, 10th May, 2012 (both dates inclusive).
 
Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Friday, 4th May, 2012. Consequently, an investor purchasing FML shares before this date will be entitled to the final dividend. However, an investor buying FML shares on or after Friday, 4th May, 2012will not be entitled to the final dividend.
 
Dividend Payment Date
The dividend will be paid on Friday, 1st June, 2012.
 
Issued at Accra, this 29th  
day of March, 2012.

November 2010

Bonus Shares
FML has announced that at the Company’s Extra-Ordinary General Meeting held on Thursday, November 18, 2010, a special resolution was passed for a bonus share issue in the ratio of five (5) new shares for every one (1) share held.

Qualifying Date
The qualifying date for the bonus shares is Tuesday, December 14, 2010. All persons in the Register of FML as at the close of business on Tuesday, December 14, 2010 will receive five (5) new shares for every one (1) existing share held on that date.

Closure of Register
The Register of Shareholders will be closed from Wednesday, December 15, 2010 – Thursday, December 16, 2010 (both dates inclusive).

Ex-Bonus Date
The ex-bonus date is Friday, December 10, 2010. An investor buying FML shares before this date will be entitled to the bonus shares. Any investor buying FML shares on or after this date will not be entitled to the bonus shares.

Transfer from Income Surplus
An amount of GH¢4 million (four million Ghana Cedis) is to be transferred from Income Surplus to Stated Capital.

Electronic (book entry) certification
In line with the Exchange’s decision not to allow new or additional listings in paper certificates, all shareholders of Fan Milk Ltd are advised, as a matter of urgency, to open securities accounts with the GSE Securities Depository (GSD) at the office of any of the Licensed Dealing Members (Stockbrokers) of the Ghana Stock Exchange. In opening a securities account, a shareholder is required to have a passport picture and an identification card (Voters ID card or National Health Insurance Card or Passport or Drivers’ Licence).

Shareholders are also advised that at the same time that they open a securities account, they can deposit any share certificate that they hold. In so doing, they should carry along with them the share certificate, or in its absence, the transfer or balance receipt, etc.

Further Information
For further information, contact the Ghana Stock Exchange, the GSE Securities Depository or NTHC Securities Limited.

Issued in Accra, this 24th
day of November, 2010.

October 2010

FML has announced that there would be an Extraordinary General Meeting on Thursday, November 18, 2010 at the National Theatre at 11.00 a.m to transact the following business:

AGENDA
To consider and if deemed fit to pass the following resolutions which would be proposed as Special Resolutions:

1. That Regulation 7 of the Company’s Regulations be amended by increasing the authorized shares from 40 million ordinary shares to 200 million ordinary shares of no par value in accordance with Sections 22 and 57 of the Companies Code, 1963 [Act 179].

2. That the sum of GHS 4 million being part of the amount now standing to the credit of the Income Surplus Account of the Company be capitalized by transferring same to Stated Capital of the Company in accordance with Section 66 (i) (c) of the Companies Code, 1963 [Act 179].

3. That the Company issue bonus shares to shareholders in the ratio of 5 new shares for every 1 originally held to increase the Company’s issued shares from approximately 20 million ordinary shares to approximately 120 million ordinary shares.

4. That the Company be and is hereby authorized to buy back a total of up to 10% of its shares within two periods as follows:
i) From January 17, 2011 to February 11, 2011.
ii) From November 21, 2011 to December 16, 2011.


Issued at Accra, this 21st
day of October, 2010

March 2010

Final Dividend
FML has announced a Final Dividend of GH¢0.10 per share in respect of its financial year ended December 31, 2009.

Qualifying date
All shareholders registered in the books of FML at the close of business on Friday, April 30, 2010 will qualify for the final dividend of GH¢0.10 per share which would be approved at the Annual General Meeting.

Closure of Register
The Register of shareholders will be closed from Monday, May 3, – Friday, May 7, 2010 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Wednesday, April 28, 2010. Consequently, an investor purchasing FML shares before this date will be entitled to the final dividend. However, an investor buying FML shares on or after Wednesday, April 28, 2009 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend of GH¢0.10 will be paid on Tuesday, June 1, 2010.

Annual General Meeting
The next Annual General Meeting will be held at the National Theatre, Accra on Friday, May 7, 2010 at 11 am.


Issued in Accra, this 17th
day of March, 2010.

January 2010

FML has released its un-audited Financial Statements for the year ended December 31, 2009 as per the attached.

Issued at Accra, this 26th
day of January, 2010.


CLICK HERE TO VIEW DETAILS

July 2009

FML has released its un-audited Financial Statements for the half-year ended June 30, 2009 as per the attached.

Issued at Accra, this 28th
day of July, 2009.



CLICK HERE TO VIEW DETIALS

Financial Statements

July 2018

FML has released its un-audited Financial Statements for the half year ending June 30, 2018 as per the attached.

Issued in Accra, this 27 th day of July, 2018.

April 2018

FML has released its un-audited Financial Statements for the first quarter ending March 31, 2018 as per the attached.

Issued in Accra, this 25th day of April, 2018.

FML has released its audited Financial Statements for the year ended December 31, 2017 as per the attached.

Issued at Accra, this 29 th day of March, 2018.

February 2018

FML has released its unaudited Financial Statements for the year ended December 31, 2017 as per the attached.

Issued at Accra, this 1 st day of February, 2018.

October 2017

FML has released its un-audited Financial Statements for the third quarter ending September 30, 2017 as per the attached.

Issued in Accra, this 26 th day of October, 2017.

July 2017

FML has released its un-audited Financial Statements for the half year ending June 30, 2017 as per the attached.

Issued in Accra, this 26th day of  July, 2017.

March 2017

FML has released its audited Financial Statements for the year ended December 31, 2016 as per the attached

Issued at Accra, this 9th day of  March, 2017.

October 2016

FML has released its un-audited Financial Statements for the third quarter ending September 30, 2016 as per the attached.

Issued in Accra, this 27th day of  October, 2016.

August 2016

FML has released its un-audited Financial Statements for the half year ending June 30, 2016 as per the attached.

Issued in Accra, this 1st day of  August, 2016.

April 2016

FML has released its un-audited Financial Statements for the first quarter ending March 31, 2016 as per the attached.

Issued in Accra, this 28th day of  April, 2016.

February 2016

FML has released its audited Financial Statements for the year ended December 31, 2015 as per the attached

Issued at Accra, this 25th day of  February, 2016.

October 2015

FML has released its un-audited Financial Statements for the third quarter ending September 30, 2015 as per the attached.

Issued in Accra, this 29th day of  October, 2015.

July 2015

FML has released its un-audited Financial Statements for the half year ending June 30, 2015 as per the attached.


Issued in Accra, this 28th day of July, 2015.

April 2015

FML has released its un-audited Financial Statements for the first quarter ending March 31, 2015 as per the attached.


Issued in Accra, this 28th
day of April, 2015.
Results
FML has released its audited Financial Statements for the year ended December 31, 2014 as per the attached.

Annual General Meeting
The Company’s Annual General Meeting will be held on Wednesday, 6th May, 2015 at the National Theatre, Accra at 11.00am.

Issued at Accra, this 1st
day of April, 2015.

July 2014

FML has released its un-audited Financial Statements for the half year ending June 30, 2014 as per the attached.


Issued in Accra, this 29th
day of July, 2014

October 2013

FML has released its un-audited Financial Statements for the third quarter ending September 30, 2013 as per the attached.


Issued at Accra, this 23rd
day of October, 2013

April 2013

FML has released its first quarter Financial Statements for the period ending March 31, 2013 as per the attached.


Issued in Accra, this 26th
day of April, 2013

January 2013

FML has released its un-audited Financial Statements for the year ended December 31, 2012 as per the attached.


Issued at Accra, this 25th
day of January, 2013

January 2011

FML has released its un-audited Financial Statements for the year ended December 31, 2010 as per the attached.


Issued at Accra, this 27th
day of January, 2011


CLICK HERE TO VIEW DETAILS

April 2010

FML has released its un-audited Financial Statements for the first quarter ending March 31, 2010 as per the attached.


Issued in Accra, this 22nd
day of April, 2010


CLICK HERE TO VIEW DETAILS

Market News & Information

January 2014

The Ghana Stock Exchange in 2013 experienced another outstanding performance of listed equities since its establishment in 1990. The GSE Composite Index which measures the performance of the entire market went up by 78.81%, obviously one of the best in Africa. In US dollar ($) terms it was up by 55% second to Malawi in Africa. The exceptional 2013 performance was buoyed largely by increased investor awareness and good operating results of many of the listed companies supported by the renewed investor confidence in the Ghanaian market and economy.
 

August 2009

INTRODUCTION:

The market continued to witness low trading volumes during the first half of 2009.

Aside the global economic crisis, the low activities can also be attributed to the somewhat slow process of immobilization of share certificates into the new depository system. This has to some extent slowed down activities as only shares in the depository are allowed to trade. It is expected that the trend will change when more investors dematerialize their paper certificates and the Ghanaian economic climate improves.

MARKET PERFORMANCE

Index
The GSE All-Share Index recorded a decrease of 48.00% to end the half year of 2009 at 5,423.98points. This is in sharp contrast to the 55.77% gain recorded during the same period in 2008. This means that during the half year to June 2009, the GSE All-Share Index was significantly below the interest equivalent on 91 day Treasury bills of 25.49%.

Turnover
Turnover recorded for the period under review was significantly lower than that for the same period in 2008. The half year to June, 2009 recorded a total volume of 41.47million shares valued at GH¢37.69million compared with a volume and value of 189.08million shares and GH¢196.53m respectively for the same period in 2008.

Active Shares
The ten most actively traded equities for the period January to June, 2009 contributed to total volume and values of trades recorded on the market. In volume terms, GCB continued to lead the pack contributing 28.87% to total volume traded, followed by SCB and CAL with 22.40% and 13.7% respectively. BOPP was fourth with 10.15% while FML, ETI, AYRTN, UNIL, SIC and UT, followed in that order with between 6% and 1% of total volume traded.

In value terms, SCB led the half year with a contribution of 39.33% to total value traded followed by GCB and UNIL with 24.87% and 9.04% respectively. Other companies including CAL, PZ, BOPP, FML, ETI and GGBL contributed between 5.74% and 0.99% to total value traded.

Market Capitalization
Market capitalization at the end of June, 2009 was GH¢15,279.49m (approx. US$10,465.40m) compared with GH¢15,587.76m (approx. US$15,133.74m) at the end of June 2008.

DEPOSITORY

The process of immobilizing share certificates into the GSE Securities Depository system continued to be vigorously pursued by the Exchange. The GSE Securities Depository Company Ltd (GSD) and the Exchange during the period under review consulted and collaborated with stakeholders, particularly Registrars, Dealers and Listed Companies in this regard. It is expected that the evidence of the positive results of the GSE automation will soon be significant as a good number of share certificates are deposited in depository accounts by existing shareholders and new accounts are opened by potential investors.

To facilitate this programme, all listed companies at their respective AGMs passed resolutions as directed by the Exchange to amend their company regulations in order to allow for the conversion of paper certificates into electronic securities. The Exchange and the GSD had the opportunity at these AGMs to speak to shareholders on the benefits of the Depository. So far the top ten with respect to the level of dematerialized securities are:

OUTLOOK

Although the impact of the global financial crisis is being felt in the Ghanaian economy, recent attention on Ghana from the international community as a result of the country’s relatively stable political environment in the sub-region, the visit by the US president, President Barack Obama and Government’s effort aimed at greater economic stability are indications that opportunities still abound for wealth creation and stability augurs well for both existing and potential investors on the stock market. Analysts also believe that the Exchange’s performance in this first half of the year presents an opportunity for stock market investments as shares are relatively cheaper at current prices.

May 2009

The stock market performance during the first quarter ending March 31, 2009 was not much different from the downward trend on most global capital markets. There were generally, low market activity characterized by low demands and large offers for listed securities resulting in a downward pressure on share prices.

Statistics