Author: Chidi Emenike

Nestlé S.A invests additional N175.2 million in shares of its Nigerian subsidiary.

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Nestlé S.A, a leading multinational food and beverage company, has invested an additional N175.2 million in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

This disclosure was made by Nestlé Nigeria Plc, in a notification issued and signed by the Company’s Secretary, Bode Ayeku.

According to the notice, Nestlé S.A acquired additional 125,513 units of Nestle Nigeria Plc shares at a price of N1, 396 per share. This puts the total consideration for the shares purchased by the parent company at N175, 216,148.

Additionally, it is worthy to note that the recent transaction which took place on the floor of the Nigerian Exchange Limited, were effected in three tranches in the following dates; 4th, 5th and 6th of August, 2021.

Breakdown of the deal

  • In the first tranche which took place on the 4th of August 2021, the parent company purchased additional 43,104 units of its Nigerian subsidiary shares at N1,390.4524 per share, totaling N59,934,060.25
  • Subsequently, the firm purchased an additional 52,704 units of the latter’s share at N1,399.2157 per unit, worth N73,744,264.25
  • In the last tranche which took place on 6th of August 2021, the firm purchased a further 29,705 units of shares at N1, 398.7459, totaling N41, 549,746.96
  • In light of this, a total of 125,513 units of Nestle Nigeria’s share were purchased at an average price of N1,396, totaling N175.2 million.

This recent transaction will further raise the stakes and cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary (Nestlé Nigeria Plc).

What you should know

  • Nestlé S.A is a leading Swiss multinational food and drink processing company and the parent company of Nestlé Nigeria Plc. According to Wikipedia, it is the largest food company in the world, measured by revenue and other metrics, since 2014
  • Nestle Nigeria Plc closed trading for the week ended 6th of August, 2021 with a share price of N1,540 per share.

 

 

Dividend: Northern Nigeria Flour Mills to pay interim dividend of 15 kobo per ordinary share.

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Northern Nigeria Flour Mills Plc has announced to pay an interim dividend of 15 kobo per ordinary share to its shareholders. The payment which is subject to appropriate withholding tax and approval will be paid to shareholders, whose names appear in the Register of Members as at close of business on 24th of August, 2021.

The dividend payment is for the period ended June 30, 2021.

In a statement signed by the company’s secretary, Theophilus Ogwuche, the milling firm disclosed that on 10th of September, 2021, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 24th of August, 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Additionally, the milling firm revealed that the Register of Shareholders will be closed from 25th of August to 27th of August, 2021.

In light of the above, it is imperative to note that the dividend payment is coming on the back of an impressive Q1, 2021 financial results posted by the firm. In its recently released first quarter results for the period ended June 30, 2021, the firm posted a 21% increase in profit after tax to N82.0 million. Earnings per share also printed at 46 kobo during the aforementioned period.

About Northern Nigeria Flour Mills Plc

Northern Nigeria Flour Mills Plc is a Nigerian-based milling company, engaged in the milling of wheat and other associated grains. It also sells products Golden Penny products purchased from Flour Mills of Nigeria Plc (its parent company). Some of the products produced by Northern Nigeria Flour Mills Plc include; wheat flour, semovita, wheat offal, masaflour, germ flour, masavita, corn offal, etc.  The company’s head office is in Kano, Nigeria.

Northern Nigeria Flour Mills Plc closed trading for the week ended 6th of August, 2021 on the floor of the Nigerian Exchange Limited (NGX) at N6.15 per share. Its total shares outstanding for the period stood at 178,200,000.

 

 

JAIZ Bank Plc announces notice of board meeting, closed period.

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JAIZ Bank Plc has announced that its board of directors would meet on Tuesday, August 24, 2021 to consider among other things, the appointment of new directors into its board.

Consequently, the firm also announced that it would observe its closed period from August 6, 2021 until the outcome of the meeting is published with the Nigerian Exchange Group Limited.

This is according to a disclosure signed by the Bank’s secretary, Rukayat Dahiru and sent to the Nigerian Exchange Group Limited (NGX).

Accordingly, the announcement of a closed period is in line with Rule 17.18(a) (Closed Period Rules) of the NGX’s Rule Book (2015). During this period, individuals with sensitive information about stock performance such as; Directors, managers, employees, consultants and their connected persons, are prohibited from trading in the shares of the bank either directly or indirectly.

What you should know:

  • JAIZ Bank Plc had earlier posted an impressive half year performance, recording an 83% increase in its profit after tax figures for the period ended June 30, 2021 (HY, 2021). During the aforementioned period, the bank posted a PAT of N1.99 billion.
  • The bank closed trading for the week ended 6th of August, 2021 with a share price of 62 kobo.

For more information about the board meeting, click HERE.

Ellah Lakes Plc: Notice of Board Meeting.

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Ellah Lakes Plc has announced that it will be hosting a Board meeting in Lagos on the 17th of August, 2021.

This is according to a notice issued by the company and sent to the Nigerian Exchange Group Limited today.

According to the notice, the meeting will enable the Board Directors to consider the company’s financial statement for the year ended 31 July, 2021. Decisions reached at the meeting will be subsequently communicated.

In addition, the firm also announced a closed period from 2nd of August 2021 until 24 hours after the company’s financial statement and outcome of the board meeting have been made public in line with the Rulebook of the Nigerian Exchange Limited.

Here is a link to the notice.

CHI Plc approves interim dividend worth N214.09 million for 2021 half year.

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The Board of Consolidated Hallmark Insurance Plc has approved the payment of an interim dividend of N214.09 million representing 2 kobo per share on all the outstanding 10,704,500,000 shares of the company for the period ended June 30, 2021.

According to a notice signed by the company’s secretary, Rukevwe Falana and filed with the Nigerian Exchange Group Limited (NGX), the dividends will be paid on the 2nd of September, 2021, to all qualified shareholders whose names appear on the Register of Members as at close of business on Friday, August 13, 2021.

Confirming the recent development, a part of the notice filed with the Exchange read: ‘’ An interim dividend of 2Kobo per ordinary share of 50Kobo subject to appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, August 13, 2021’’

To fast track the process, the company also announced that it will close the register of its shareholders from 16th of August to 20th of August, 2021.

To effectively participate in the recent corporate action, shareholders are to fulfill the following requirements;

  • Shareholders must have completed e-dividend registration.
  • Shareholders must have authorized the company’s registrar (Meristem Registrars and Probate Services Limited) to pay the dividends directly into the respective shareholder’s bank account.

What you should know:

  • CHI Plc had earlier reported a profit after tax of N436.5 million for the half year period ended June 30, 2021, indicating an increase of about 47.7% YoY. Earnings per share also printed at 5.4 kobo during the period under review
  • CHI Plc is currently trading on the floor of the NGX at 59 kobo/share.

 

 

Coronation Insurance profit dip by 20% to N796.5 million in half year 2021.

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Coronation Insurance Plc released its unaudited financial statements for the period ended June 30, 2021.

  • Gross premium written for the period was N10.8 billion. (+33.9% YoY)
  • Fees and commission income of N1.14 billion. (+63.8% YoY)
  • Total gross claims paid during the period were N2.28 billion. (+10% YoY)
  • Underwriting profit was N2.52 billion. (+394.8% YoY)
  • Personnel expenses totalled N931.65 million. (+5.8% YoY)
  • Profit for the period was N796.5 million. (-20.4% YoY)

See link to results.

Arbico Plc records a loss of N1 billion in half year 2021.

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Arbico Plc released its unaudited financial statements for the period ended June 30, 2021.

  • Revenue for the period was N2 billion. (-37.7% YoY)
  • Cost of sales was N1.53 billion. (-70.8% YoY)
  • Operating expenses totalled N1.52 billion. (+228.3% YoY)
  • Loss for the period was N1 billion
  • Loss per share of 6.74 kobo. (-1,348% YoY)
  • Total assets for the period stood at N7.9 billion.

See link to results.

Mutual Benefits Assurance Plc reports a loss of N1.98 billion in HY 2021.

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Mutual Benefits Assurance Plc released its unaudited financial results for the period ended June 30, 2021.

  • Net premium income for the period was N11.97 billion. (+52.1% YoY)
  • Fee and commission income of N359.18 million. (+7.4% YoY)
  • Net benefits and claims totalled N3.61 billion. (+26.2% YoY)
  • Underwriting profit was N5.53 billion. (+106.7% YoY)
  • A loss after tax of N1.98 billion was recorded during the period.
  • Loss per share of -10 kobo (-242.9% YoY)

See link to results.

Meyer Plc approves interim dividend worth N796.9 million for 2021 half year.

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The Board of Directors of Meyer Plc has approved the payment of an interim dividend of N1.50 per ordinary share of 50 kobo for the period ended June 30, 2021.

The dividend will be paid on all the outstanding 531,237,723 ordinary shares of the company, thereby raising the total amount to be paid by the firm to N796, 856,584.50

According to a disclosure signed by the company’s secretary, Kalu O. Kalu and filed with the Nigerian Exchange Group Limited (NGX), the dividends will be disbursed electronically on the 25th of August, 2021, to all qualified shareholders whose names appear on the Register of Members as at 13th of August, 2021.

To fast track the process, the company announced that it will close the register of its shareholders from 16th of August to 20th of August, 2021. The qualifying conditions for shareholders to participate are succinctly captured below;

  • Shareholders must have completed e-dividend registration.
  • Shareholders must have authorized the company’s registrar (Greenwich Registrars & Data Solutions Limited) to pay the dividends directly into the respective shareholder’s bank account.

What you should know:

  • Meyer Plc is a renowned manufacturer and marketer of high quality paint products in Nigeria. The firm had earlier reported a half year loss of N9.33 million for the period ended June 30, 2021
  • As at the period of reporting this, Meyer Plc share price currently trades at 59 kobo.

 

SUNU Assurances Nigeria Plc confirms Taiwo Kuku as substantive secretary.

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SUNU Assurances Nigeria Plc has notified its stakeholders and the investing public about the appointment of Mrs Taiwo Kuku as its substantive Secretary/Head of Legal Services, with effect from 1st of August, 2021.

She was appointed Acting Secretary of the company on 7th of June, 2021 following the exit of her predecessor, Mr John Akujieze. The decision to confirm her appointment was taken at the recently concluded Board meeting of the Company held on 29th of July, 2021.

By the virtue of her appointment, Mrs Taiwo will guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

Profile

Taiwo Olubunmi Kuku is a lawyer with over 18 years of cognate experience spanning across company secretarial services, corporate governance practices, compliance and general legal practice.

She holds an LLB degree from the Olabisi Onabanjo University (formerly Ogun State University) 2002; and she was subsequently called to the Nigerian Bar in 2003. She is a member of the Nigerian Bar Association (NBA), an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Institute of Chartered Arbitrators of Nigeria.