Fan Milk


Fan Milk is a manufacturer and retailer of ice cream and frozen dairy products which has a leading position on the West African market.
In 2013, The Abraaj Group, a growth markets private equity investor acquired 100% of the Fan Milk business in West Africa.

History

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.
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.

Ownership

As at 2013 Abraj and Danone are joint owners of Fan Milk with each of them having 51% and 49% stake in Fan Milk respectively.
As of December 31, 2003 its top shareholders are the Danish investors Fan Milk International Denmark with 7,365,955 shares and the Danish Industrialization Fund For Developing Countries with 4,954,420 shares, and the Enterprise Insurance Company with 1,978,472 shares.

Products