Fan Milk is a manufacturer and retailer of ice cream and frozen dairy products, which has a leading position in the

West Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Maurit ...

n market. In 2013, The Abraaj Group, a growth market private equity investor, acquired 100% of the Fan Milk business in West Africa.

History

Fan Milk Limited is a

Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

ian

dairy A dairy is a business enterprise established for the harvesting or processing (or both) of animal milk – mostly from cows or buffaloes, but also from goats, sheep, horses, or camels – for human consumption. A dairy is typically located on ...

retailer based in

Accra Accra (; tw, Nkran; dag, Ankara; gaa, Ga or ''Gaga'') is the capital and largest city of Ghana, located on the southern coast at the Gulf of Guinea, which is part of the Atlantic Ocean. As of 2021 census, the Accra Metropolitan District, , ...

. It has since begun operating in

Benin Benin ( , ; french: Bénin , ff, Benen), officially the Republic of Benin (french: République du Bénin), and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, Burkina Faso to the north ...

Togo Togo (), officially the Togolese Republic (french: République togolaise), is a country in West Africa. It is bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, where its c ...

and

Burkina Faso Burkina Faso (, ; , ff, 𞤄𞤵𞤪𞤳𞤭𞤲𞤢 𞤊𞤢𞤧𞤮, italic=no) is a landlocked country in West Africa with an area of , bordered by Mali to the northwest, Niger to the northeast, Benin to the southeast, Togo and Ghana to the ...

. They are listed on the

Ghana Stock Exchange The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securiti ...

stock index In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the pri ...

, the

GSE All-Share Index The principal stock index of the Ghana Stock Exchange or GSE is the GSE Composite Index. It was introduced in 2011 with a base value of 1000 points. This index is calculated from the values of each of the market's listings. Market listings Pr ...

. It was incorporated in 1960 and was previously known as the Ghanaian Milk Company. It took advantage of

Danish Danish may refer to: * Something of, from, or related to the country of Denmark People * A national or citizen of Denmark, also called a "Dane," see Demographics of Denmark * Culture of Denmark * Danish people or Danes, people with a Danish a ...

investment in the early 1960s and initially specialized in pasteurised milk. However, in 1962, the company changed its name to Fan Milk Limited and branched out into the production of

ice cream Ice cream is a sweetened frozen food typically eaten as a snack or dessert. It may be made from milk or cream and is flavoured with a sweetener, either sugar or an alternative, and a spice, such as cocoa or vanilla, or with fruit such as str ...

yoghurt Yogurt (; , from tr, yoğurt, also spelled yoghurt, yogourt or yoghourt) is a food produced by bacterial fermentation of milk. The bacteria used to make yogurt are known as ''yogurt cultures''. Fermentation of sugars in the milk by these bact ...

, and

ice lollies An ice pop is a liquid-based frozen snack on a stick. Unlike ice cream or sorbet, which are whipped while freezing to prevent ice crystal formation, an ice pop is "quiescently" frozen—frozen while at rest—and becomes a solid block of ice. T ...

. The name has since become a household name in Ghana, and it 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

on 18 October 1991 with the symbol FML. As of 2003, it had over 3,250 shareholders.

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 Enterprise Group is a pioneering Ghanaian insurance company. They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. It has been in operation since 1924, when Ghana was the British Gold Coast The Gold Coast ...

Company with 1,978,472 shares (10%). As of 2013, Abraaj and Danone became joint owners of Fan Milk, each having a 51% and 49% stake in Fan Milk, respectively. Danone became a majority shareholder in 2016. On July 30, 2019, Danone acquired the remaining 49% shares of Abraaj to increase its stake to 100%.

Products

*Fanice (150mL Pouch) *FanGold *FanYogo (Strawberry, mango & passion) *FanChoco *FanDango *FanVanille (Togo, Benin) * Fanmaxx (Ghana) * FanYogo (Strawberry, Banana Flavour)

References

External links

Fan Milk Limited Official Website
*
Google Finance listing for Fan MilkFan Milk at Alacrastore
*Fanmilk Ghana PLC Official website {{Economy of Nigeria Food and drink companies of Ghana Ice cream brands Companies based in Accra Food and drink companies established in 1960 Companies listed on the Ghana Stock Exchange Nigerian companies established in 1960