Frigoglass eyes sale of Nigerian Unit Beta Glass to ease debt pressure

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 looming debt maturities.

Chairman Gagik Apkarian said the unit has attracted interest from potential buyers, though he declined to name them, according to a Bloomberg report. He added that Beta Glass’s strong profitability makes it a valuable asset.

The potential disposal comes shortly after Frigoglass sold its Russian subsidiary, and Apkarian did not rule out additional asset sales “at the right price.”

He noted that the group is considering several options to meet its debt 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 maturing in March and April, against just €29 million in cash, according to public filings. Bondholders acquired most of the company’s equity during a restructuring and recapitalisation two years ago.

The group operates under a complex structure that emerged from its 2023 restructuring, which transferred operations from Athens-listed Frigoglass SAIC to Frigo DebtCo Okc, the parent of Frigoglass Group.

Bondholders now own 85% of Frigo DebtCo, with Frigoglass SAIC retaining 15%. Apkarian said investors intend to exit their stake once the company is in “the best possible shape.”

Frigoglass faces a €21.2 million bond repayment in March 2026 and an €87.8 million maturity the following month. Both are senior secured issues 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.”

Beta Glass is on track to deliver near-record profits this year, Apkarian said. Shares in the Lagos-listed company have surged almost 600% in 2025, trading at around 437 naira ($0.29) per share.

For the wider group, earnings before interest, tax, depreciation and amortisation rose to a record €65.3 million in the first half of 2025, up from €44.5 million a year earlier.

During a Business Insider Africa tour of the company’s facility earlier this year, Beta Glass revealed plans to expand further into Francophone and West Africa.

The company currently manufactures more than 650 million glass containers each year, giving it a dominant 70% share of Nigeria’s glass packaging market.

Its client base includes global beverage giants 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, the company has invested ₦15.3 billion to boost production capacity. That includes an upgrade to its GF1 furnace, which added 30 tons of daily output and extended the furnace’s lifespan by 8 to 10 years.