By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian glass maker, Beta Glass Plc on Tuesday said its core investor Frigoglass SAIC in Athens, the parent company of Frigoglass Industries Nigeria Limited is seeking to explore  strategic options for its Glass business, the company said in its issuer’s announcement to the Nigerian Stock Exchange.

Beta Glass says Frigoglass holds a market-leading position as a glass bottle manufacturer in West Africa and the Middle East, both prime targets for investments by top-tier international beverage brands.

The glass maker affirmed that as a result of the long-term high growth potential of the glass packaging business and the company’s strong position and solid manufacturing base in Nigeria, Frigoglass has been approached by a variety of investors expressing their interest in a wide range of strategic options, such as joint ventures, minority participations or even full acquisition of the business.

Beta Glass further affirmed that such approaches may represent significant value creation potential, ‘’the company has resolved to evaluate those options in a structured manner and has retained Citigroup Global Markets Limited as its exclusive financial advisor to this effect,’’ the firm added.

‘’No assurances can be given that the company will enter into any transactions as a result of this process. Frigoglass will not be making any further announcements relating to this process unless and until this is necessary or appropriate,’’ the company said.