Abbey Mortgage Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).
See link to forecasts.
The Board of Directors of BUA Cement Plc has amended the timeline for the payment of its FY 2020 final dividend, from an initial proposed date of 23rd of July to 8th of July, 2021.
This is according to a recent notice sent to the Nigerian Exchange Group Plc (NGX) and captioned: ‘’Revised Corporation Actions Announcement,’’ as seen by Nairametrics. Key findings from the recent notice revealed that;
Sequel to this, a total sum of about N70 billion has been earmarked as final dividend to be paid to the shareholders of the company who currently hold the 33,864,354,060 fully paid ordinary shares of the company.
What you should know:
For more information about the recent disclosure, click HERE.
Conoil Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
Japaul Gold and Ventures Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
The Board of Portland Paints and Products Nigeria Plc has announced the resignation of Dr. Vitus Ezinwa as a Non-Executive Director of the company.
This announcement was made in a notification issued by the Company’s Secretary, Olumide Osundolire and seen by Nairametrics.
According to the notice, the resignation of Dr. Ezinwa as a Non-Executive Director from the Board of Portland Paints and Products Nigeria Plc became effective on 28th of May, 2021. His resignation was considered and ratified by the Board.
Sequel to this, the Management of the company wished him all the best in his future endeavours.
About Dr. Vitus Ezinwa
Vitalis is a seasoned business manager and human resource professional with experience in leading multinational corporations. Prior to Joining Portland Paints and Product Nigeria Plc, Vitus worked as Group Human Resources Director for Promasidor Africa and a host of other reputable multinational companies like Coca-Cola, British American Tobacco etc.
Vitus holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Masters in Applied Business Research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland
The Board of Directors of Chemical and Allied Products Plc, has announced the appointment of Mr. Yomi Adenson as the new Group Chief Financial Officer of the company effective from 1st of June, 2021.
This is according to a disclosure signed by the company’s secretary, Ayomipo Wey and sent to the Nigerian Exchange Group Plc (NGX Group).
As part of his responsibilities, Yomi will support the Board in driving the Group’s strategic vision and harnessing greater wealth building opportunities for shareholders.
Profile
Yomi is a Chartered Accountant with over 15 years of professional experience and technical competence in treasury management, financial control, process improvement, financial planning, tax and regulatory compliance, among others. Prior to joining CAP Plc, he worked with Promasidoe Nigeria Limited as a Senior Manager/General Manager, Finance. He also worked in reputable brands like May and Baker Plc and Dunlop Nigeria Plc.
Yomi has a master’s degree in Finance and a certificate in Leadership programme from the prestigious Manchester Business School. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), and a serving board member of the Taxation and Fiscal Committee of ICAN.
What you should know:
See link to the recent announcement.
The Board of NEM Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 24th of June, 2021.
This is according to a notification signed by the company’s secretary, Olajumoke Philip Akede, and seen by Nairametrics. Sequel to this, the following issues will be discussed;
Special Business
What you should know:
For more information about the AGM, click HERE.
Neimeth International Pharmaceuticals Plc has explained how it plans to raise an additional capital of N5 billion that was ratified by its Shareholders during its last Annual General Meeting.
According to a notice sent to the Nigerian Exchange Group Plc (NGX), the firm explained that it plans to raise the additional capital through rights issue and private placement.
Recall that Nairametrics had earlier reported a resolution reached at the Boards of Directors meeting held by the company on the 15th of January 2021, where it was resolved that the company would raise an additional capital of N5 billion
Sequel to this, the firm in its recently concluded emergency meeting explained that it intend to raise the additional N5 billion capital through the following means;
Additionally, the Board agreed to raise the Issued Share Capital of the company from N1, 000,000,000 to N2, 450,929,268 by creating additional 2,901,858,536 units of ordinary shares of 50 kobo per share to accommodate the capital raise.
It is pertinent to note that the fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope of delivering better returns on investment to shareholders.
Airtel Africa Plc has announced the sales of its telecommunication tower companies in Tanzania, in a deal worth around $175 million.
The transaction is the latest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and its core subscriber-facing operations. The recent deal is sequel to the success recorded in the sales of the firm’s tower companies in Madagascar and Malawi to Helios Tower Plc for a gross value of about $93.7 million.
According to a notification signed by Airtel’s Group secretary, Simon O’Hara, the Airtel Tanzania tower was sold to a wholly-owned subsidiary of SBA Communications Corporation, a leading global owner and operator of wireless communications infrastructure.
The recently sold tower portfolio comprises approximately 1, 400 towers which form part of the Group’s wireless telecommunications infrastructure network.
Recall that Airtel Africa Plc was in the news recently when it secured a credit facility worth $500 million from a consortium of banks that include; Bank of America, JP Morgan, HSBC etc. The loan was meant to assist the teleco in partially refinancing its €750 million Euro dominated bond. Explaining how it intends to offset the credit facility, the teleco explained that it will optimize its free cash flows and cash receipts anticipated over the next 12 months from its tower sales and mobile money minority investments.
Will the transaction be settled once or by instalments?
According to the notice sent by the telecommunications giant, the payment for the towers will be made in tranches. In the first tranche, the sum of $157.5 million will be paid to Airtel during the second half of its current financial year. The balance will be paid in instalments upon the completion of the transfer of any remaining towers to the purchaser.
How will the proceeds be utilized?
Detailing how the proceeds from the sale of the towers will be utilized, Airtel Africa explained that about $60 million out of the gross sales value will be invested in the network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania, as provided in the Airtel Africa IPO prospectus document published in June 2019.
The remaining balance of the proceeds will be used to reduce the debt at Group level.
The Board of NASCON Allied Industries Plc has approved a dividend payment of 40 kobo per share, to all shareholders whose names appeared in the Company’s Register of Members at the close of business on April 22, 2021.
This is part of the resolutions reached during the recently concluded Annual General Meeting of the firm, held on the 28th of May, 2021.
An abstract of the ordinary resolutions reached during the AGM reads: ‘’ It was resolved that a dividend of 40k per ordinary share of 50k be and is hereby approved in respect of year 2020 and payable to shareholders whose names are in the Register of members on 22nd April, 2021.’’
Other resolutions reached at the Annual General Meeting include;
What you should know:
For more information about the disclosure, click HERE.