Dangote Cement appoints Philip Mathew as Deputy Managing Director.

Dangote Cement, a leading cement manufacturer in Africa, has announced the appointment of Mr. Philip Mathew as its new Deputy Group Managing Director/Chief Executive Officer with effect from September 15, 2021.

This was disclosed by the company in a statement signed by its secretary, Edward Imoedemhe, and made available on the website of the Nigerian Exchange Limited (NGX).

About Mr. Mathew

Mr. Philip Mathew is a professional with 34 years of working experience in large global and regional cement industries and has been involved in project management from feasibility to commissioning and stabilization.

He has worked with multicultural teams in different countries and held several roles, including Process Engineer, Optimisation Manager, Plant Manager, Technical Director, Director Performance and Progress, Chief Manufacturing Officer, and recently, Head of Cement Excellence Manufacturing for the AsiaPacific region; defining the strategic goals and ambitions for cement manufacturing at regional level for a global cement company.

As at the period of reporting this, Dangote Cement currently trades at N241.9 on the floor of the Nigerian Exchange Limited (NGX).

For more information about the appointment, click HERE.

AGM Watch: Flour Mills of Nigeria Plc N6.76 billion Dividend Approved By Shareholders.

The shareholders of leading Nigerian food and agro allied company, Flour Mills of Nigeria Plc, have approved the N6.76 billion recommended by the company as final dividend for the year ended 31st of March, 2021. This amount translates into a final pay out of N1.65 per share to shareholders.

A notice sent to the Nigerian Exchange Limited (NGX) today, acknowledged by the company’s secretary, Umolu Joseph,  said the decision was made during the recently concluded Annual General Meeting (AGM) of the company which held at Eko Hotels & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos.

Recall that Nairametrics reported that the company announced in August that it intends to pay a dividend of N1.65k per 50 kobo share for the period ended March 31st 2021. Initially, the company had erroneously exempted the dividend from applicable withholding tax on the notion that the dividend will be paid from accumulated pioneer profit.  However, in response to this error, the firm swiftly and subsequently sent another notice to the NGX and the investing public, stating: ‘’The correction is that the dividend shall be paid from the Company’s accumulated profit and therefore subject to withholding tax.’’

In addition, the company confirmed the appointment of Mrs. Juliet Anammah and Mr. Muhammad Ahmad, as Independent Non-Executive Directors of the company. It also re-elected Mr. John G. Coumantaros, Prof. Jerry Gana and Mr. Alfonso Garate, as its Directors during the AGM.

Note that the board of the company had earlier in its last AGM recommended Mrs. Juliet Anammah and Mr. Muhammad Ahmad for the aforementioned positions.

Other resolutions the company made in the course of the meeting were;

  • Non-Executive Directors remuneration for the year ending March 31, 2022 were fixed at N39 million. In addition, sitting allowances will be paid at standard agreed rates for each meeting attended.
  • Directors were authorized to fix the remuneration of the independent auditors of the company- KPMG Professional Services.
  • The following individuals were elected into the Statutory Audit Committee; Mr. Adeshina Olalekan Oladebo, Mr. Sekoni Nurudeen Adebayo and Mr. Adeshina Tajudeen Imram (representing the Shareholders) and Mr. Foluso Philips and Alhaji Olalekan A. Saliu (representing the Board).

Highlights of the firm’s Full Year Result

Recall that Flour Mills of Nigeria Plc had reported a profit after tax of N25.7 billion for the year ended 31st of March, 2021, indicating a surge of 126% YoY. The firm’s revenue also grew by 34% to N771.6 billion, while earnings per share printed N6.38, compared to N2.25 posted in corresponding period of last year. Consequently, the firm declared a dividend of N1.65 per share, which is up by 18% YoY.

It is pertinent to note that the impressive topline growth for the year was aided by gains from the firm’s Agro-allied turnaround strategy. The expansion of the firm’s backward integration program across all value chains, including strategic partnerships with smallholder farmers were all pivotal in achieving a revenue growth of 34%.

Flour Mills of Nigeria Plc is currently trading at N29.35 on the floor of the NGX

 

Transcorp Plc appoints Oliver Andrews as Independent Non-Executive Director.

The Board of Directors of Transnational Corporation of Nigeria Plc (Transcorp Plc) has announced the appointment of Mr. Oliver Andrews as an Independent non-Executive Director of the company, with effect from 20th of August, 2021.

This information was disclosed by the leading diversified conglomerate in a notice signed by its secretary, Kofo Olokun-Olawoyin, and sent to the floor of the Nigerian Exchange Limited (NGX) today.

The notice partly reads: ‘’We write to formally notify the investing public and the Nigerian Exchange Limited that pursuant to the provisions of the Companies and Allied Matters Act and Article 31 of the Articles of Association of Transnational Corporation of Nigeria Plc (“the Company”), the Board of Directors of the Company on August 20, 2021, approved the appointment of Mr. Oliver Andrews as an Independent Non-Executive Director on the Board of the Company effective August 23, 2021.’’

Profile of the newly appointed director

Mr. Andrews is an accomplished leader, consultant and development expert with over thirty-five (35) years of relevant experience in infrastructure development, investing, public-private partnership and strategic advisory work. He was formerly Executive Director and Chief Investment Officer at the Africa Finance Corporation (AFC) and also served as CEO of TCI Infrastructure and the Gambian Ports Authority. This is in addition to various Board and leadership roles that he actively participated in.

During his career, in differing senior roles, he has overseen the investment of approximately US$10bn and originated US$100bn of infrastructure deals across the African continent on behalf of investee institutions.

Mr. Andrews holds an MBA from the University of Wales, is an Electrical and Electronic Engineer, a Chartered Marketer and also a Fellow of the Chartered Institute of Transport and Logistics.

 

 

 

 

BOC Gases Nigeria Plc announces resignation of two directors.

BOC Gases Nigeria Plc has announced the resignation of two Independent Non-Executive Directors and representatives of BOC Holdings Uk, Messrs. Hendrik Mentz de Waal and Joseph Ramashala, from the company’s Board.

According to a notice signed by the Company Secretary, Mrs. Aderonke Segun-Alabi, and made available on the website of the Nigerian Exchange Limited (NGX), the resignation of the aforementioned individuals became effective from 10th of August, 2021.

It is also important to note that following their resignations, the duo ceased to be members of the Risk and Audit Committees of the Board.

Back story: Recall that TY Holdings Limited had recently acquired a majority stake in BOC Gases Nigeria Plc, following the purchase of an additional 249,746,823 ordinary shares in the latter. This move raised the total equity stake of TY Holdings Limited in the company to 72%.

Following the conclusion of the deal, the firm announced that there will be changes in the ownership structure of BOC Gases Nigeria Plc in a bid to reflect the new reality. In light of this, it is anticipated that some Board members especially those representing the defunct majority shareholder- BOC Holdings, UK, will have to give way for new directors to emerge.

Additionally, the firm thanked both directors for the outstanding efforts and contributions during their tenure as Independent Non-Executive Directors of the company, and wished them the greater success in their future endeavours.

BOC Gases Nigeria Plc closed trading today 23rd of August, 2021 with a share price of N11.10

 

 

United Capital expands CP issuance programme to N50 billion, raises N19.7 billion.

United Capital Plc has obtained regulatory approval from FMDQ Securities Exchange Limited to increase the size of its existing N20 billion commercial paper (CP) issuance programme to N50 billion.

According to a notice signed by the company’s secretary, Leo Okafor and filed with the Nigerian Exchange Limited (NGX), the validity period of the CP programme was also extended to 18th of October, 2022.

On the other hand, the firm also disclosed that it raised a total sum of N19.7 billion through its recently concluded Series 5, 6 and 7 issues. The 180-day and 270- day issuances were completed at between 11.9% and 13%, with firm commitments from a pool of institutional investors, including asset managers and pension funds. It is pertinent to note that FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction, while Olaniwun Ajayi LP acted as Transaction Counsel.

What you should know:

  • United Capital Plc is a leading financial services group offering diverse services such as; Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management and Consumer Finance.
  • The firm closed trading for the week ended 20th of August, 2021 with a share price of N6.89.

 

 

UPDC Plc risks suspension over default on NGX’s free float requirements

Trading in the securities of UACN Property Development Company (UPDC) risks been suspended on the platform of the Nigerian Exchange Limited (NGX) due to the inability of the company to comply with the Free Float Rules of The Exchange.

According to a notice sent to the NGX today, the company fell below the free float requirements of 20% of issued share capital or N20 billion free float for companies listed on the Exchange’s Main Board, due to its recent Mandatory Take Over (MTO) by Custodian Investment Plc.

Recall that Custodian Investment Plc had obtained regulatory clearance to take over UPDC Plc, following the acquisition of a 51% majority stake in the latter, translating to about 34,415,332 units of ordinary shares, purchased at 90 kobo each.

Sequel to the acquisition, UPDC fell below the free float requirements for listed stocks at the NGX. This prompted a series of consultations between the firm and the NGX Regulation Limited (NGX RegCo).

Consequently, a unanimous decision to grant the company a two (2) year grace period till 10th of August, 2023, in order to comply with NGX’s free float requirements was reached. However, the Exchange warned that it might suspend further trading in the company’s securities if compliance with the free float rules is not achieved within the two (2) years grace period.

In addition, the company in conjunction with the majority shareholder reiterated its commitment to achieving the free float requirement within the grace period.

UPDC Plc closed trading today 20th of August, 2021 with a share price of N1.32.

 

 

 

CBO Capital Partners Limited sells off 26.62 million units of Ellah Lakes shares worth N113.16m.

CBO Capital Partners Limited, a substantial shareholder, has offloaded some of its stakes in Ellah Lakes Plc.

In a statement signed by the company’s secretary, Kenechi Ezezika, and sent to the Nigerian Exchange Limited (NGX), the company disclosed that it sold about 26,624,751 units of Ellah Lake’s shares in its portfolio, at a unit price of N4.25, amounting to N113, 155,191.75.

This disclosure is in line with The Exchange’s policy on insider dealings, aimed at upholding the integrity of the financial system and maintaining public trust.

Back story:

Nairametrics had earlier reported that CBO Capital Partners Limited and two (2) other substantial shareholders had agreed to sell off 25% of their shares held in Ellah Lakes Plc. The substantial shareholders agreed to carry out the drastic decision owing to the reduction in the free float of the company occasioned by the acquisition of Telluria in 2019. The acquisition reduced the company’s free float to about 13%.

Therefore in a bid to put more shares of the company in the hands of the public and resolve the lack of liquidity in the shares of Ellah Lakes, substantial shareholders- CBO Capital Partners Limited, Blackman & Co, and Osaro Oyegun resolved to sell down 25% of their holdings in the company. The action of the shareholders will also help Ellah Lakes match the NGX’s free float benchmark of 20%.

What you should know:

  • As at April 2021, CBO Capital Partners Limited holds about 564 million units of shares in Ellah Lakes Plc, translating to about 28.2% of the total shareholding.
  • Ellah Lakes Plc closed trading today 19th of August, 2021 with a share price of N4.25.

 

 

 

 

DEAL: TY Holdings Acquires Majority Stake in BOC Gases Nigeria Plc.

TY Holdings Limited, a firm linked to former minister of defence and retired military general, Mr Theophilus Yakubu Danjuma, has acquired a majority stake in BOC Gases Nigeria Plc.

In a notice made available on the website of the Nigerian Exchange Limited (NGX) today, TY Holdings purchased additional 249,746,823 ordinary shares in BOC Gases Nigeria Plc, translating to 60% of the entire shares in the company. Prior to the recent transaction, the majority stakes were held by BOC Holdings UK (a member of the Linde Group).

This purchase is in addition to the existing 12% shares of the Company owned by TY Holdings Limited prior to this transaction, bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72%.

Sequel to the conclusion of the deal, a change in the ownership structure of BOC Gases Nigeria Plc has been approved to reflect the new reality, effective from the 13th day of August, 2021. To this end, BOC Gases Nigeria Plc assured its esteemed shareholders and the public that the company will make sure that it sustains the reputation and standing it has built for over the last 62 years.

Back story:  Recall that in November last year, BOC Holdings UK (a majority shareholder) had announced a proposed divestment of its controlling equity interest in BOC Gases Nigeria Plc. The move would see the major shareholder sell off its interest of about 249,746,823 ordinary shares, translating to 60% of the latter’s total shareholdings.

In light of this, the firm announced that it has entered into a binding share purchase agreement with TY Holdings Limited on November 16, 2020.

What you should know:

  • TY Holdings Ltd is a Private Limited Company established in 1989 and based in Lagos, Nigeria. The organization operates as a holding companies sector with 5 branches, subsidiaries and associated companies.
  • BOC Gases Nigeria is a renowned manufacturer and distributor of industrial, special and medical gases, welding and medical equipment. The firm currently have a total shares outstanding of 416,244,706 units with a market capitalization of about N3.83 billion. It closed trading today 17th of August, 2021 with a share price of N9.20.

Flour Mills of Nigeria Plc declares N6.8 billion as final dividend for 2020.

The Board of a leading food and agro allied company, Flour Mills of Nigeria Plc (FMN), has announced the payment of N6.8 billion to its shareholders as the final dividend for the period ended 31st of March 2021.

According to a notice filed with the Nigerian Exchange Limited (NGX), Flour Mills of Nigeria Plc is expected to pay a final dividend of N1.65 per share on all the outstanding 4,100,379,605 ordinary shares of the company. This brings the total dividend pay out to qualified shareholders to N6.8 billion.

In addition, the notice also revealed that the dividend will be paid electronically to shareholders on the 9th of September, 2021, subject to appropriate withholding tax and approval at the Company’s Annual General Meeting scheduled to hold on 8th of September, 2021 at Eko Hotels and Suites, Lagos, by 2:00pm prompt.

To qualify for participation, shareholders must meet the following requirements;

  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Atlas Registrars Limited) to pay their dividends directly into their bank accounts.
  • Only shareholders whose names appear on the Register of Members as at the close of business on 13th of August, 2021 will be considered
  • In light of the above, the Register of Members will be closed from Monday 16th of August to Friday 20th of August, 2021.

It is pertinent to note that the recent dividend declaration of N1.65 per share is 18% higher than the final dividend declared in corresponding period of last year (FY 2019: N1.40 per share).

What you should know:

  • Flour Mills of Nigeria Plc declared in its audited financial statements for 2020, that it made a profit after tax of N25.72 billion, indicating a surge of about 126% when compared with 2019 figures.
  • Consequently, the company’s earnings per share (EPS) during the period under review advanced by 183.6% YoY to print at N6.38.
  • As at the period of reporting this, Flour Mills of Nigeria Plc currently trades at N29.60 per share on the floor of the Nigerian Exchange Limited (NGX).

 

 

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

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.