Frigoglass invests €30m in Nigeria’ s Beta Glass to enhance operations

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Lagos Nigeria, December 21, 2018 – Frigoglass announces today that it will invest €25-30 million to expand its
furnace capacity at the Beta Glass Guinea plant, located in Agbara, Ogun state. The investment will increase
capacity at the plant by 35,000 tons per year.

It includes a new furnace which will replace an existing one
which has reached the end of its life, an additional production line, upgrades to existing production lines, as
well as, new quality inspection equipment to strengthen the plant’s capabilities.

This strategic investment will drive continued growth in the company’s Glass business across the West African
region.

The new furnace, with an expected productive life of more than 12 years, demonstrates the
commitment to both existing and new customers across West Africa.

The plant will also pioneer the use of Narrow Neck Press and Blow (NNPB) technology, which will enable
production of lighter weight non-returnable glass bottles for the first time in West Africa.

The project is expected to become fully operational in 2020.
Nikos Mamoulis, Chief Executive Officer of Frigoglass, commented:
“This strategic initiative demonstrates our commitment to implement investments that will enable the Group’s future growth.

It supports the growth of our international and regional beverage customers in the high growth potential West African region.”

Abimbola Ogunbanjo, Chairman of Beta Glass Plc, commented:
“We continue to implement investments to better cater to the growing needs of our customers for glass packaging.

This investment will significantly increase our annual capacity, allowing us to meet growing demand, not only in Nigeria, but in many countries across West Africa.”

Darren Bennett-Voci, Glass Division Director of Frigoglass and Managing Director of Beta Glass Plc, commented:
“This new larger furnace secures the livelihoods of our existing employees in Agbara, and creates not only
additional jobs but also shareholder value and contributes positively to the development of the local community.”

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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