Frigoglass Group, the UK-based manufacturer of beverage coolers, is in talks to sell its Nigerian subsidiary, Beta Glass Plc, Africa’s largest glass container producer, as part of efforts to raise cash ahead of upcoming debt maturities.
Chairman Gagik Apkarian confirmed that the subsidiary has attracted interest from potential buyers but declined to disclose names, according to a Bloomberg report.
He stressed that Beta Glass’s profitability makes it one of the group’s most valuable assets.
The potential sale follows Frigoglass’s recent disposal of its Russian subsidiary, and Apkarian indicated that further asset sales could be considered “at the right price.”
He said the company is weighing several options to meet its obligations, “one of which may be to use proceeds from the monetisation of its assets.”
As of June, Frigoglass had about €114.5 million ($134.7 million) in senior secured bonds due in March and April, against just €29 million in cash, public filings show.
Bondholders acquired the majority of the company’s equity two years ago in a restructuring and recapitalisation.
The group now operates under a complex structure created after its 2023 restructuring, which shifted operations from Athens-listed Frigoglass SAIC to Frigo DebtCo Okc, parent of Frigoglass Group.
Bondholders hold 85% of Frigo DebtCo, while Frigoglass SAIC retains 15%.
Apkarian said investors plan to exit their stake once the business is in “the best possible shape.”
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Frigoglass faces a €21.2 million bond repayment in March 2026 and an €87.8 million maturity the following month.
Both issues, secured by assets, are currently quoted in the low 80s cents on the euro, according to Bloomberg data.
“We need to be thoughtful how to manage,” Apkarian said. “Holders would like to get their money when the bonds mature, but if we can get more money back to them by waiting, that’s up for discussion.”
Apkarian added that Beta Glass is on track to deliver near-record profits this year.
Shares in the Lagos-listed company have surged nearly 600% in 2025, trading at around 437 naira ($0.29) per share.
For Frigoglass Group overall, earnings before interest, tax, depreciation and amortisation climbed to a record €65.3 million in the first half of 2025, compared with €44.5 million in the same period last year.
Earlier this year, Beta Glass unveiled plans to expand into Francophone and West African markets, according to Business Insider Africa.
The company manufactures over 650 million glass containers annually, giving it a 70% share of Nigeria’s glass packaging market.
Its customers include global beverage companies such as Coca-Cola HBC, Heineken NV, and AB InBev SA.
According to company data, Beta Glass also produces 5.5 million crates and 3.2 billion crowns (bottle caps) annually.
Over the past five years, it has invested ₦15.3 billion to boost production capacity, including upgrades to its GF1 furnace, which added 30 tons of daily output and extended its lifespan by 8 to 10 years.
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Image Credit: Business Day
