Africa50 increases its stake in the Azura Power Platform

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Africa50 increases its stake in the Azura Power Platform

Africa50, the pan-African investment platform, announced today that it has invested in the 461MW Azura-Edo IPP in Nigeria. This investment in the Nigerian power sector complements the earlier investment by Africa50 in the Senegalese Tobene Power Plant, which joined the Azura fleet last month.

Africa50, brings significant power generation experience having invested in several key infrastructure projects across the continent representing over 1,000MW of capacity.

Raza Hasnani, Head of Infrastructure Investments at Africa50 said “We are excited to invest in a mission-critical asset within the Nigerian power market. We have a strong institutional commitment to mobilizing capital for key African infrastructure assets, and look forward to creating value as a shareholder of the Azura-Edo IPP.”

Edu Okeke, Managing Director of the Azura-Edo IPP commented “We are delighted to have Africa50 as an investor in our Azura-Edo power plant. To have the governments of 28 sovereign African states invest in one’s business is a fantastic endorsement; and an incentive for us to keep doing better.”

Adrian Mucalov, Partner at Actis (the majority shareholder in Azura Power Holdings), added “We have invested over US$1billion across Africa in the electricity sector- we are deeply committed to the continent. We take our responsibility to the countries, cities and communities in which we operate extremely seriously; and we are excited to be investing in this world-class business that is already directly contributing to the economic growth of Nigeria.”

New Data on World Debt: A Dive into Country Numbers

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New Data on World Debt: A Dive into Country Numbers

The new update of the IMF’s Global Debt Database shows that total global debt (public plus private) reached US$188 trillion at the end of 2018, up by US$3 trillion when compared to 2017. The global average debt-to-GDP ratio (weighted by each country’s GDP) edged up to 226 percent in 2018, 1½ percentage points above the previous year. Although this was the smallest annual increase in the global debt ratio since 2004, a closer look at the country-by-country data reveals rising vulnerabilities, suggesting that many countries may be ill-prepared for the next downturn.

(PHOTO: JAKUB KRECHOQICZ/ALAMY)

Global debt reached $188 trillion in 2018.

In advanced economies, the average debt ratio declined, but there is no clear sign of a significant push to reduce debt. In emerging market economies and low-income developing countries, the average debt ratios rose further. Notably, China’s total debt ratio reached 258 percent of GDP at end-2018—the same as the United States and near the average for advanced economies, which was 265 percent.

No big changes in 2018

The reduction in the global debt ratio in 2017 that we wrote about in our last blog did not mark the beginning of a declining trend. In 2018, the global debt ratio rose only slightly above the level in 2016.

Looking at overall trends, there are two distinct groups:

  • Advanced economies. The debt ratio for both the public and private sectors declined in the majority of countries in 2018. It is worth noting that half of the advanced economies ran fiscal surpluses in 2018 (that is, they had more revenues than spending). A third shrank the fiscal deficit or increased the fiscal surplus compared with the previous year. However, when we look at this group of countries as a whole, changes in the average total debt ratio were relatively small, declining 0.9 percent of GDP.

Emerging markets and low-income developing countries. The upward trend in the total debt ratio showed no sign of halting or slowing in either group, with the main increase coming from public debt. The average public debt ratio increased by more than 2½ percentage points in sub-Saharan Africa.

Increasing vulnerabilities under the surface

A detailed look at the numbers reveals the following dynamics.

  • In most countries, public debt ratios are high by historical standards. With some notable exceptions (such as the United States and Japan), advanced economies have already started to reduce some of the debt accumulated in the aftermath of the global financial crisis. Even so, public debt ratios are higher than before 2008 in almost 90 percent of advanced economies. In a third of them, the public debt ratio is 30 percentage points above the pre-crisis level. In emerging markets, the average public debt ratio has risen to levels comparable to those prevailing during the crises of the mid-1980s and 1990s. Public debt ratios are above 70 percent in almost a fifth of countries. Meanwhile, there has been a steady build-up of public debt in low-income developing countries as a whole, with two-fifths of them worldwide at high risk of, or in, debt distress.

 

  • Private debt developments—in particular, corporate debt—differ considerably across countries. Unlike public debt, the increase in global private debt over the last decade has been unevenly distributed. In advanced economies, the corporate debt ratio has gradually increased since 2010 and it is now at the same level as in 2008, the previous peak. But there are big differences. In some large economies, such as Spain and the United Kingdom, the corporate sector has shed massive amounts of debt since the global financial crisis. In the United States, corporate debt grew consistently since 2011 and reached a record high at the end of 2018. A common pattern among several major economies is the increasing use of debt for financial risk-taking (to fund the distribution of dividends, share buybacks, and merger and acquisitions) and high speculative-grade debt. This could amplify shocks if companies defaulted or decided to reduce their debt by cutting investment or firing workers. At the same time, household debt ratios declined in advanced economies as a whole compared to 2008, with large decreases in the United States and the United Kingdom and increases in one-third of advanced economies. In emerging markets other than China the average corporate debt ratio has declined since 2015 and is now 4½ percentage points above 2009, but these countries have not been immune to a worsening of the quality of their corporate credit. The household debt ratio has been increasing steadily, but it remains half the level in advanced economies.

 

  • China’s efforts to rein in corporate debt continued in 2018. Corporate debt declined whereas sovereign debt increased sizeably and household debt kept rising in 2018. This came on the back of increasing corporate debt during the past decade, which contributed more than half of the rise in corporate debt worldwide.

Unlike before the global financial crisis, risks are not solely concentrated in the private sector but also in the public sector, partly reflecting the unresolved legacy of the global financial crisis. As discussed in the October 2016 Fiscal Monitor, excessive private debt levels increase the vulnerability to shocks and could lead to an abrupt and costly debt reduction process. But reducing debt in the private sector may also, in turn, be a burden for an already over-indebted public sector if a decline in output leads to lower revenue or corporate defaults trigger losses and curb lending by banks. It is therefore important to reduce such vulnerabilities before the next adverse shock.

Most Nigerians Are Willing To Pay For Their Health Insurance – New Poll Reveals

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Most Nigerians Are Willing To Pay For Their Health Insurance – New Poll Reveals

Abuja, Nigeria. December 17th, 2019 – The United Nation’s Universal Health Coverage (UHC) Day was observed on 12th December 2019. It is a yearly event that raises awareness of the need for a strong and resilient health system and universal health coverage. UHC ensures all people, everywhere, can get the quality health services they need without facing financial hardship. It is rooted in the Sustainable Development Goal (SDG) that seeks to ensure healthy lives for all at all ages. In Nigeria, the health system has been evolving over the years through various health care reforms aimed at tackling the public health challenges in the country. For instance, the National Health Insurance Scheme (NHIS) was launched in 2005 with the focus of promoting affordable healthcare to Nigerians. However, news reports and statistics have shown that the scheme only covers less than 10 per cent of Nigerians and that three-quarters of health care spending in the country was out of pocket payments made to health providers, leaving most of the vulnerable population of the country at the risk of catastrophic health spending.

In commemoration of the Universal Health Coverage Day, NOIPolls conducted a public opinion poll to assess the perception of Nigerians regarding health insurance in the country. The main crux from the poll revealed that a vast majority of Nigerians (83 per cent) do not have access to any form of health insurance having to pay out of pocket to access health care services. Most Nigerians, however, (70 per cent) in this category expressed their willingness to pay a small amount of money to enable them access service whenever they fall ill. This implies that there is low access to the National Health Insurance Scheme across the country and calls for intensive sensitization and mass mobilisation of the populace as 50 per cent opined that they are not aware of the Health Insurance Scheme whose primary
objective is to make health care accessible and affordable to all Nigerians.

There is an urgent need to amend the NHIS Act and enact laws to make the scheme more accessible and compulsory for all Nigerians as this would ensure adequate monitoring, efficiency, proper utilization of the health facilities and ultimately better health care delivery system in the country. Also, while it is critical for government to re-evaluate its current budgetary allocation to the health sector; it is also important for stakeholders to consider more sustainable ways to finance of the sector through health insurance, and to mobilise the public to increase the pool of funds available for investment into the sector.

Therefore, there is a need for an urgent expansion of social health insurance across the country to guarantee financial risk protection to the population and reduce the incidence of out-of-pocket payment. The NHIS needs to support the states to establish their State health insurance schemes and contribute to funding the coverage of the vulnerable population groups namely – young children under age 5, pregnant women not covered by formal health schemes, the elderly population and the economically indigent population. These are some of the key findings from the Health Insurance Poll conducted in the week commencing 9th December 2019.

PepsiCo to debut Pepsi Cafe, a coffee-cola drink

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PepsiCo to debut Pepsi Cafe, a coffee-cola drink

Pepsi has fused the ‘crisp taste of a Pepsi cola’ with roasted Arabica coffee flavour in its new drink Pepsi Café.

The hybrid beverage certainly doesn’t skimp on the caffeine levels found in cola or coffee. The beastly beverage contains double the caffeine. Pepsi Café will be available in Original and Vanilla flavours, with the latter being a sweeter, creamier version.

It’s being launched in April next year but the bad news is that it will only be available in the United States. Pepsi certainly is fans of pushing boundaries in the realm of taste. In 2017, the brand released a spicy ginger-flavoured Pepsi Max.

November 2019 Inflation Rate Rises to 11.85% as Food Inflation Jumps to 14.48%…

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November 2019 Inflation Rate Rises to 11.85% as Food Inflation Jumps to 14.48%…

The consumer price index, (CPI) which measures inflation increased by 11.85 percent (year-on-year) in November 2019. This is 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent. 

On a month-on-month basis, the Headline index increased by 1.02 percent in November 2019, this is 0.05 percent rate lower than the rate recorded in October 2019 (1.07) percent. 

Increases were recorded in all COICOP divisions that yielded the Headline index.

The percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 percent, representing a 0.05 percent point from 11.30 percent recorded in October 2019.

The urban inflation rate increased by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019.

On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019, down by 0.01 from the rate recorded in October 2019 (0.99) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.75 percent in November 2019. This is higher than 11.68 percent reported in October 2019, while the corresponding rural inflation rate in November 2019 is 10.98 percent compared to 10.95 percent recorded in October 2019.

Food Index

The composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019.

This rise in the food index was caused by increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes, Yam and other tubers, and Fish.

On month-on-month basis, the food sub-index increased by 1.25 percent in November 2019, down by 0.08 percent points from 1.33 percent recorded in October 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending November 2019 over the previous twelve-month average was 13.65 percent, 0.11  percent points from the average annual rate of change recorded in October 2019 (13.54) percent.

All Items Less Farm Produce

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.99  percent in November 2019, up by 0.11 percent when compared with 8.88 percent recorded in October 2019.

On a month-on-month basis, the core sub-index increased by 0.79 percent in November 2019. This was up by 0.05 percent when compared with 0.74 percent recorded in October 2019.

The highest increases were recorded in prices of Cleaning, Repair and hire of clothing, Hospital services, Hairdressing salons and personal grooming establishment, Glassware, tableware and household utensils, Vehicle spare parts, Repair and hire of footwear, Shoes and other footwear, Clothing materials, other articles of clothing and clothing accessories, Medical services and Passenger transport by air.

The average 12-month annual rate of change of the index was 9.19 percent for the twelve-month period ending November 2019; this is 0.06 percent points lower than 9.25 percent recorded in October 2019. 

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In November 2019, all items inflation on year on year basis was highest in Kebbi (15.40%), Sokoto (14.58%) and Niger (14.15%), while Imo (10.43%), Abuja (10.30%) and Kwara (9.70%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, November 2019 all items inflation was highest in Ebonyi (2.20%), Bayelsa (2.48%) and Niger (2.39%), while Abuja, Adamawa, Bauchi, Benue and Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Food Inflation

In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise.

On month on month basis, however, November 2019 food inflation was highest in Kwara (2.92%), Sokoto (2.72%) and Bayelsa and Edo (2.66%), while Nasarawa (0.31%) recorded the slowest rise with Lagos and Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Download November 2019 CPI PDF Report Here

Headline inflation sustains spike in November

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Headline inflation sustains spike in November
Inflation figures for November 2019 released by the National Bureau of Statistics (NBS). Headline inflation advanced by 25 bps to 11.85%, primarily driven by the rise in food inflation.
  • Food inflation rose by 39 bps to print 14.48% YoY (October 2019: 14.09% YoY)
  • Core inflation advanced by 12 bps to 8.99 % YoY (October 2019: 8.87% YoY)
  • Urban inflation rose by 27 bps to 12.47% YoY. Similarly, Rural inflation climbed by 22 bps 11.30% YoY

Kindly click the link for the full report from the NBS.

Equities market – A good omen for the new week?

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Equities market – A good omen for the new week?

The stock market opened the week on a bullish note as the NSE-ASI rose 60bps to close at 26,695 points. Market capitalization gained N76.5bn to settle at N12.9tn. We also saw a significant increase in the level of activities as volumes traded and values traded increased by 43.2% and 9.8% respectively compared to the previous trading day.

All sector indices under our watch benefited from the up trades. The banking sector (+1.6%) led the pack with UBA (+6.0%), ACCESS (+4.3%) and GUARANTY (+1.0) elevating the sector index. The industrial goods sector (+1.0%) followed suit with industry giants like DANGCEM (+1.4%) and WAPCO (+1.8%) driving gains. The consumer goods sector (+0.4%) was driven by gains in GUINNESS (+9.83%) and PZ (+9.52%). The insurance sector (+0.3%) was not left behind with gains in NEM (+2.6%) offsetting losses on other stocks. Likewise, the oil and gas sector (+0.1%) gained on the back of advances in OANDO (+0.83%).

Market sentiments seem very encouraging as market breadth closed at 2.1x; as 17 stocks
advanced against 8 decliners.

We expect the bullish outing observed to be sustained throughout the week, especially in the banking stocks and other stocks with sound fundamentals.

United Capital Plc Research

Frigoglass’s losses in Q3 fell to 1.6 million Euros

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Frigoglass’s losses in Q3 fell to 1.6 million Euros

Athens, Greece, 12 December 2019 – Frigoglass SAIC announces results for the quarter and nine months ended 30 September 2019.

Third Quarter 2019 Highlights

  • Commercial strategy and cost reduction initiatives execution resulted in a robust performance
  • Continued commercial refrigeration growth momentum, with sales up 23% y-o-y, led by customer cooler investments and take-up of Frigogserve’s offering in Europe
  • Glass containers volume growth and pricing initiatives resulted in double-digit sales growth in Glass business
  • 117bps of comparable EBITDA margin uplift, at 16.1%, reflecting cost absorption benefits and ongoing raw materials cost and productivity improvement initiatives
  • Adjusted Free Cash Flow up 12.4% to €26.1 million, despite increased CAPEX related to next year’s furnace rebuild in Nigeria, leading to capacity expansion
  • Net Debt to LTM EBITDA at 3.0x in September-end 2019, consistent with our long-term focus for deleveraging
  • In Africa and the Middle East, sales were down 24.5% year-on-year in the quarter. The decline reflects soft demand in South Africa, due to orders phasing, more than offsetting higher orders from breweries and soft drink customers in West and East Africa.

Nikos Mamoulis, Chief Executive Officer of Frigoglass, commented: “For yet another quarter, results demonstrate our strong commitment for sustainable and long-term profitable growth. Our performance also reflects our focus on customers’ needs, operational excellence and a number of cost base rationalization initiatives.

We remain confident that 2019 will be the second post-2017 recapitalization year with significant top-line growth and profit margin expansion. We are taking actions to maintain growth momentum in the years to come through selective investments in the high growth Glass business and cost-out initiatives.”

Financial Overview

Frigoglass reported another quarter of strong performance with continued top-line growth and operating profitability improvement. Group sales increased by 20.3% to €96.6 million, driven by ongoing growth momentum in the Commercial Refrigeration business in Europe and Asia, as well as growing demand and pricing in Glass.

Gross profit (excluding depreciation and before IFRS 16) increased by 17.4% to €24.2 million in the quarter, with gross margin declining by approximately 60 basis points to 25.1%. The increased fixed cost absorption, resulting from the higher year-on-year volume in the commercial refrigeration and glass containers businesses, as well as the realization of savings from several ongoing procurement and manufacturing-related initiatives, were more than offset by the volume-driven cost under-absorption in the plastic crates business
in Nigeria.

Operating expenses (excluding depreciation and before IFRS 16) were stable year-on-year, at €9.8 million, despite double-digit sales growth in the quarter. Operating expenses as a percentage of sales improved by approximately 200 basis points to 10.2%, following increased year-on-year sales.

As a result, comparable EBITDA in the quarter increased by 29.7% to €15.5 million, with EBITDA margin improving by 117 basis points to 16.1%. Finance cost was €7.7 million, compared to €3.7 million in 3Q18, mainly following foreign exchange losses caused by the impact of the Naira’s appreciation on Euro denominated receivables, whereas, in 3Q18, finance cost was supported by foreign exchange gains. Frigoglass reported net losses of €1.6 million, compared to net losses of €3.4 million a year ago, reflecting improved operating performance in 3Q19 and last year’s net losses related to discontinued operations.

Year-to-date adjusted Free Cash Flow reached €26.1 million, up 12.4%. This improvement primarily reflects higher year-on-year EBITDA and tax benefits related to last year’s investments, more than offsetting unfavourable working capital developments and increased capital expenditure. Net Trade Working Capital was up 11.7% year-on-year to €119.6 million, corresponding to 25.3% of annualised sales. The year-on-year increase reflects higher trade receivables due to the sales growth in the quarter, which offset our inventory reduction initiatives. Planned capital expenditure associated with pre-buying materials for the upcoming furnace rebuild in Nigeria also impacted our Free Cash Flow generation.

Despite lower year-on-year debt following the €3.2 million debt repayment over the last twelve months, net debt (excluding lease liabilities) increased to €217.0 million, from €210.7 million at the end of September 2018. The year-on-year increase in net debt is mainly an effect of higher interest paid, restructuring-related payments associated with the discontinuation of the Greek-based plant, payments for pre-buying materials for the upcoming furnace rebuild in Nigeria and the settlement of the defined benefit pension scheme in Nigeria.

Segmental Review

Europe

Growth momentum accelerated in Eastern Europe, with sales increasing by 51.5% year-on-year following incremental cooler placements from key breweries and soft-drink customers primarily in Poland, Russia and Ukraine. Particularly in Russia, we saw strong orders from a soft drinks customer who increased investments in the market. Furthermore, successful commercial initiatives resulted in increasing our market share with key breweries. Sales growth was also supported by increased demand for Frigoserve’s broad service offering,
mainly reflecting customer and territory expansion within the region. Sales in Western Europe grew 6.9%, assisted by increased demand in Belgium and the United Kingdom.

Africa and the Middle East

In Africa and the Middle East, sales were down 24.5% year-on-year in the quarter. The decline reflects soft demand in South Africa, due to orders phasing, more than offsetting higher orders from breweries and soft drink customers in West and East Africa.

Asia

In Asia, our business continued to perform well, with sales growing by 69.7%. This strong performance was fuelled by increased demand primarily from soft drinks customers in India and breweries in Southeast Asia.

Comparable EBITDA in the quarter grew over-proportionally by a strong 64.6% to €7.0 million, with EBITDA margin increasing by approximately 250 basis points to 10.0%. The margin enhancement reflects the volume-driven better cost absorption, lower input cost and Frigoserve’s operating performance, outweighing the investment in pricing for key customers. Operating Profit (EBIT) reached €4.5 million, compared to €1.6 million a year ago. We reported net losses of €3.3 million, compared to net losses of €4.6 million in 3Q18,
despite the impact of €0.5 million restructuring costs following the discontinuation of the production operations in the Greek-based plant.

Glass performance was good, with sales growth momentum continuing in the quarter. Sales were up 13.3%, primarily driven by solid volume growth and pricing in the glass containers business. Sales growth also benefited from a stronger Nigerian Naira. In our glass containers business, sales increased by double-digits, primarily fueled by strong demand from breweries and soft drink customers. Growth momentum also continued in the complementary metal crowns business, with sales increasing by a high single-digit rate, driven by higher year-on-year demand. Soft demand for plastic crates from a key brewery customer resulted in a double-digit sales decline in the quarter.

Comparable EBITDA grew 10.7% to €8.6 million, with EBITDA margin declining by 76 basis points to 32.0%. The fixed cost under-absorption caused by the lower demand for plastic crates more than offset the positive effect from the glass containers volume growth, price increases and currency translation. Operating Profit (EBIT) increased by 8.5% to €6.3 million, despite higher depreciation charges following the cold repair of one of our furnaces in Nigeria last year. Net profit was €1.7 million, compared to €3.0 million a year ago, impacted by foreign exchange losses following the appreciation of the Nigerian Naira.

Business Outlook

In the quarter, we maintained sales growth momentum, effectively managed costs and reduced inventory levels, leading to margins enhancement and cash flow improvement. Following this solid year-to-date performance and an exceptional order from an ICM customer in the last quarter of the year, we are confident that 2019 will be another year of significant top-line growth and comparable EBITDA margin improvement.

Moving ahead, we will continue to focus on the strong execution of our coolers commercial strategy, enhancing Frigoserve’s customer base, operational improvements, cost efficiency measures and investing for growth. Incremental glass containers capacity, following the furnace rebuild at the Beta Glass Guinea plant in Nigeria, will also support future growth.

Frigoglass is on track for a planned shutdown at the end of the first quarter of next year, expecting the furnace to be operational towards the end of the second quarter of 2020. We continue to expect full-year 2019 capital expenditure at approximately €30 million, including pre-buying of materials associated with the furnace rebuild next year and SAP implementation.

Frigoglass completes the merger of Frigoglass Industries Nigeria Limited & Frigoglass West Africa Limited

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Frigoglass completes the merger of Frigoglass Industries Nigeria Limited & Frigoglass West Africa Limited

Athens, Greece, 6 December 2019 – Further to the announcement made on October 9, 2019, Frigoglass S.A.I.C. (the “Company”) announces that it has completed the merger of its Nigerian subsidiaries Frigoglass Industries Nigeria Limited (FINL) and Frigoglass West Africa Limited (FWAL) following the successful receipt of the requisite lenders’ consent and local regulatory clearances.

This notification was made by Mr. Nikos Mamoulis, Chief Executive Officer of Frigoglass S.A.I.C., at 16:30 on December 6, 2019.

Frigoglass is a strategic partner to beverage brands throughout the world. We are one of the global leaders in the Ice Cold Merchandisers (ICM) market and the principal supplier of glass packaging in the high growth markets of West Africa.

A few months ago, the Beta Glass’ is set to upgrade furnace capacity at its Agbara, Ogun, Nigeria plant is on schedule to be completed in June 2020.

The $30 million investment will include a new furnace from German engineering group Horn and an extra line from Italy’s Bottero group.

It will increase the plant’s capacity by an extra 35,000 tonnes and pioneer the use of the Narrow Neck Press and Blow (NNPB) technology in West Africa.

This will enable Beta Glass to bring lightweight, non-returnable glass bottles to the Nigerian market for the first time.

Beta Glass operates two plants in Nigeria ­- the other is its Delta plant in Delta state ­- and has an output of 1.5 million bottles a day. Its products include beer, spirits, soft drinks, pharmaceutical and cosmetics glass jars and bottles, which range in size from 28ml to 1.5 litres.

The new furnace will bring total capacity to 750 tonnes per day and have four production lines. It will bring the total number of lines at the plant to eight.

The furnace has a planned life of 12 years and will replace an existing furnace, which will end its life next year.

The project also includes the latest inspection equipment which will further increase operational efficiency.

Darren Bennett-Voci, Managing Director at Beta Glass, said: “We are delighted by the progress we have made so far on the expansion project.

“Our investment in this facility reaffirms our deep faith in Nigeria and the high growth potential of West Africa.

“The furnace will enhance our ability to meet the growing demand for glass bottles and jars in Nigeria and across West Africa. It will create a number of jobs, both direct and indirect.”

Beta Glass Chairman, Otunba Abimbola Ogunbanjo said: “The new furnace will enable us to leverage the latest technology and our technical expertise to make world-class glass packaging products in Nigeria.

“It will promote sustainability and improve our environmental footprint.”

Kajal Aggarwal will star twice in Madame Tussauds Singapore

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Kajal Aggarwal will star twice in Madame Tussauds Singapore

SINGAPORE – Media OutReach – 17
December 2019 – Lights,
camera, action! Kajal Aggarwal will
join the NEWLY launched Ultimate Film Star Experience (UFSE) at Madame Tussauds
Singapore. The actress revealed on Instagram that she will be in Singapore on
the 5th of February 2020 for her live side-by-side unveiling of her
first and only figure.

The Indian actress will unveil her world-first figure paired
with her interactive set

Besides her figure, fans can step onto a movie set, where
they find themselves in a classic scene from Indian cinema together with Kajal.
They will be in the midst of a digitally generated earthquake made possible
with AR technology, audio-visual effects and real-time camera capture. The
celebrity content was filmed exclusively for Madame Tussauds Singapore.

“Since the launch of the Ultimate Film Star Experience in
April 2019, we are constantly bringing in more fun and interactives to our
attraction. We are absolutely excited to work with Kajal especially with the
pairing of her figure to the action-set in the Ultimate Film Star Experience,
and we look forward to sharing this experience with her fans,” said Alex Ward,
General Manager, Madame Tussauds Singapore.

The newly launched UFSE spanning 2,500 sq ft, brings guests
on a journey through the glitz and glamour of Indian cinema culture from the
moment they step through the doors and join the world’s largest celebration of
Indian superstars. The unique experience utilises cutting-edge technology like
Kinect and AR to give visitors the chance to step into the limelight: https://youtu.be/EmLdC8Vhzq4


Fans can stand a chance to attend the unveiling event, so
stay tuned on Madame Tussauds Singapore social media pages for more
information.

Twitter: @MTsSingapore

Instagram: @MTsSingapore

Facebook:
@MadameTussaudsSingapore

Hashtag: #MadameTussaudsSG

Madame Tussauds

The ultimate celebrity experience and
the world’s best known and most popular wax attraction. There are currently 23
Madame Tussauds attractions around the world. 
Each of the attractions is unique and tailored to the host city and
visitor demographic to feature both local as well as international figures.


The
result of 200 years of expertise and painstaking research every figure takes
Madame Tussauds’ gifted sculptors a minimum of three months to make, and costs
more than $300K (Singapore dollars). Most contemporary figures are also
produced following sittings with the celebrities themselves.


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