Fan Milk

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Fan Milk
Traded asGSE: FML
GenreIce Cream
Key people
Danish investors
ProductsMilk, Ice Cream, Yoghurt and Ice lollies
Total assets3250 + shareholders (2003)
ParentFan Milk International Denmark

Fan Milk is a manufacturer and retailer of ice cream and frozen dairy products[1] which has a leading position on the West African market.

In 2013, The Abraaj Group, a growth markets private equity investor acquired 100% of the Fan Milk business in West Africa.[2]


Fan Milk Nigeria Plc was founded in 1960 by a Danish Merchant and Industrialist Erik Emborg with a recombination-plant at Ibadan, a distribution centre in Lagos with less than 30 employees.

The plant produced fresh milk from imported milk powder. Initially, the product range was white milk, chocolate milk, cottage cheese and set yoghurt. The main outlet was bicycle vendors supplied with cold products from a growing number of smaller depots.

In the 1970s Fan Milk introduced yoghurt drink, ice lollies, ice cream and new Tetra Pak packaging technology. The new products became very popular in the market and generated the financial strength to set up further depots and, in 1981, a second recombination-plant in Kano came up.

A woman selling Fan Milk products in Ijebu Ode

At the outset, the foreign partner owned 96 per cent of Fan Milk Plc. When the government introduced The Nigerian Enterprises Promotion Decree in the late 1970s. Fan Milk Plc increased its capital and invited more Nigerians to invest which created a 60 per cent Nigerian participation in the company.

During the 1980s and 1990s, import restrictions, economic difficulties, devaluations and shortages of fuel weakened Fan Milk Plc. In 1998 the foreign partner and the industrialization Fund for Developing Countries (Denmark) agreed to an infusion of capital which let the company restructure finances, refurbish cold rooms, increase the number of depots and introduce a product, Tampico, a fruit drink which became an instant success in the market.

The expansion and rehabilitation programme returned Fan Milk Plc to profitability. Fan Milk has sister companies in Ghana, Senegal, Togo, Benin, Burkina Faso and Code d'Ivoire. The headquarters of the foreign partner, Fan Milk International is situated in Aalborg, Denmark.

Fan Milk Limited is a Ghanaian dairy retailer based in Accra. It has since begun operating in Benin, Togo and Burkina Faso.They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. It was incorporated in 1960 and was previously known as the Ghanaian Milk Company. It took advantage of Danish investment in the early 1960s and initially specialised in pasteurized milk. However, in 1962, the company changed its name to Fan Milk Limited, and branched out into the production of ice cream, yoghurt and ice lollies. The name has since become a household name in Ghana, and is a common sight to see ice cream carts and bicycles on beaches and the streets selling the brand.[3]

Fan Milk Limited was the first foreign invested company in Ghana to become a Public Limited Liability in 1967 and among the first Companies to be listed on the Ghana Stock Exchange on 18 October 1991 with the symbol FML.[4] As of 2003 it had over 3,250 shareholders.[5]


As at 2013 Abraj and Danone are joint owners of Fan Milk with each of them having 51% and 49% stake in Fan Milk respectively. As of December 31, 2003 its top shareholders are the Danish investors Fan Milk International Denmark with 7,365,955 shares (37.23%) and the Danish Industrialization Fund For Developing Countries with 4,954,420 shares (25.04%), and the Enterprise Insurance Company with 1,978,472 shares (10%).


  • Fanice (150mL Pouch)
  • FanGold
  • FanYogo (Strawberry,mango&passion[6])
  • FanChoco
  • FanDango
  • FanVanille (Togo, Benin)
  • Fanmaxx (Ghana)
  • FanYogo(Strawberry, Banana Flavour)


  1. ^ Steele, Lauren (May 27, 2016). "An International Guide to Snacking". Men's Journal. Retrieved June 21, 2017.
  2. ^ Private equity firm Abraaj to acquire West Africa's Fan Milk, International: Reuters, 2013
  3. ^ "Leading West African dairy company, Fan Milk acquired for $300 Million by Abraaj Group". CPAfrica. 2013-06-25. Retrieved 2017-04-04.
  4. ^ "Ghana Stock Exchange (GSE) Listed Companies 2017". Swiftfoxx. 2017-03-30. Retrieved 2017-08-17.
  5. ^ "The Company". Fan Milk Limited. 2007. Archived from the original on October 24, 2008. Retrieved September 25, 2008.
  6. ^ "Products Range | Fan Milk Limited - Ghana". Retrieved 2018-01-31.

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