Fan Milk

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Fan Milk

Type	Public
Traded as	GSE: FML
Genre	Ice Cream
Founded	1960
Headquarters	Ghana
Key people	Danish investors
Products	Milk, Ice Cream, Yoghurt and Ice lollies
Total assets	3250 + shareholders (2003)
Parent	Fan Milk International Denmark
Website	www.fanmilk.com/our-footprint/ghana.html

Fan Milk is a manufacturer and retailer of ice cream and frozen dairy products^[1] which has a leading position on the West African market.^{[citation needed]}

In 2013, The Abraaj Group, a growth markets private equity investor acquired 100% of the Fan Milk business in West Africa.^[2]

History[]

A woman selling Fan Milk products in Ijebu Ode

Fan Milk Limited is a Ghanaian dairy retailer based in Accra. It has since begun operating in Benin, Togo and Burkina Faso. They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. It was incorporated in 1960 and was previously known as the Ghanaian Milk Company. It took advantage of Danish investment in the early 1960s and initially specialised in pasteurized milk. However, in 1962, the company changed its name to Fan Milk Limited, and branched out into the production of ice cream, yoghurt and ice lollies. The name has since become a household name in Ghana, and is a common sight to see ice cream carts and bicycles on beaches and the streets selling the brand.^[3]

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.^[4]

Ownership[]

As of December 31, 2003 its top shareholders are the Danish investors Fan Milk International Denmark with 7,365,955 shares (37.23%) and the Danish Industrialization Fund For Developing Countries with 4,954,420 shares (25.04%), and the Enterprise Insurance Company with 1,978,472 shares (10%). As at 2013 Abraj and Danone became joint owners of Fan Milk with each of them having 51% and 49% stake in Fan Milk respectively. Danone became a majority shareholder in 2016. On July 30, 2019,^[5] Danone acquired the remaining 49% shares of Abraaj to increase its stake to 100%. ^[6]

Products[]

A range of Fan Milk products

• Fanice (150mL Pouch)
• FanGold
• FanYogo (Strawberry, mango & passion^[7])
• FanChoco
• FanDango
• FanVanille (Togo, Benin)
• Fanmaxx (Ghana)
• FanYogo(Strawberry, Banana Flavour)

References[]

External links[]

• Fan Milk Limited Official Website
• "Fan Milk 2007 annual report". African Financials. Archived from the original on 2011-07-07.
• Google Finance listing for Fan Milk
• Fan Milk at Alacrastore
• Fanmilk Ghana PLC Official website