Dominicans reportedly responded positively to share purchase offer in NIPP Inc. Toilet Tissue Factory
According to promoters of a proposal to source new equity to reengineer and recapitalize their existing toilet tissue company, Dominicans at home and abroad are said to have responded positively to an offer by Nature Island Paper Products Inc., to purchase shares in a new company (to be named) that will replace the existing sole toilet tissue paper company in Dominica.
The Dominican market for toilet tissue and other such paper products is said to be in excess of $6,000,000 annually. The plant is said to have the capacity to produce 2000 rolls of tissue paper per hour, or over 15,000,000 rolls per annum. The original company was not satisfied with its performance, in terms of penetration of the local and regional market.
On February 23rd, 2016, Managing Director Severin McKenzie announced the intention to place the company up for sale on the open market, and thereby allowing Dominicans the opportunity to take ownership of the business.
A new company, Nature Island People’s Paper Company Limited (NIPPCO), was incorporated on 20th May 2016, with Mr. McDonald Thomas, who recently retired from the Caribbean Development Bank, assuming the responsibility of Director of the company, until the first meeting of the new owners is convened.
To date, it is reported that more than eighty Dominicans, resident in Dominica and in the diaspora, have demonstrated their support, and are investing in the company through a private offering. The minimum investment in the company is EC$1,000.00 or US$370.00.
On August 31st, share certificates will be issued to all investors, after a due diligence process has been conducted, and the first Shareholders meeting will be convened on September 22nd 2016, when a Board of Directors will be elected. The new company is expected to take over operations of the existing facility on Monday 3rd October, 2016, under new management.
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