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Golden Guinea Breweries Plc released its full-year audited results for the year ended 31st of March, 2021.
See link to results.
The Board of Guinness Nigeria Plc has announced the resignation of Mr Stanley Njoroge as an Executive Director of the company, effective from 31st of July, 2021.
This is according to a notification sent to the Nigerian Exchange Group Limited (NGX), which reads: ‘’ This is to inform the Nigerian Exchange Limited, the investing public and our esteemed shareholders of the resignation of Mr. Stanley Njoroge from the Board of Guinness Nigeria Plc with effect from 31st July 2021.’’
In addition, the Board of Guinness Nigeria seized the opportunity to thank Mr. Stanley Njoroge for his service and contribution to the growth of the company and wished him all the best in his future endeavours.
About Mr. Stanley Njoroge
Mr. Stanley Wanyoike Njoroge is a Certified Public Accountant and a member of the Institute of Certified Accountants of Kenya (ICPAK). He is an alumnus of both the University of Nairobi and Strathmore University in Nairobi Kenya.
Until his resignation, Stanley served as the Finance and Strategy Director, and was appointed to the Board of Guinness Nigeria Plc as an Executive Director in March 2018. Prior to joining Guinness Nigeria, Stanley gathered valuable experience from leading multi nationals like Deloitte & Touche East Africa, where he provided tax consultancy and managed tax clients in Kenya and Uganda.
Other reputable brands he worked for include but not limited to; Barclays Bank Kenya, PT Gitaswara Indonesia, Meta Abo Brewery S.C, EABL among others.
The Federal High Court has granted an order sanctioning the merger between Chemical and Allied Products Plc (CAP Plc) and Portland Paints and Products Nigeria Plc, effective from 1st of July, 2021.
This is according to a disclosure signed by the Managing Director of Portland Paints, Bolarin Okunowo and sent to the Nigerian Exchange Group Limited (NGX).
The merger is sequel to the approval granted at the respective court-ordered meetings of Portland Paints and CAP held on 18th of February, 2021. In light of this, the Federal High Court of Nigeria on 29th of June, 2021 granted the approval to proceed with the merger of the aforementioned firms.
Affirming this, a part of the recent notice read: ‘’ Portland Paints and Products Nigeria PLC (“Portland Paints”) hereby notifies Nigerian Exchange Limited (the “Exchange”), our shareholders and the general public that following the approval of the scheme of merger between Portland Paints and Chemical and Allied Products Plc (“CAP”) (the “Merger”) at the respective court-ordered meetings of Portland Paints and CAP held on February 18, 2021, the Federal High Court of Nigeria, on June 29, 2021, granted an order sanctioning the Merger. The Merger will become effective on Thursday, July 1, 2021 (the “Effective Date”).’’
Mr. Okunowo noted that subject to the approval of the Exchange, the shares of Portland Paints will be placed on full suspension a day before the effective date, that is, from the close of business on 30th of June, 2021. This is to enable the company update its register of members for the purpose of determining the shareholders eligible to receive the scheme consideration.
What this means:
By the virtue of the merger, it is imperative to note that CAP and Portland Paints will from the effective date (today) operate as one entity, with CAP being the surviving enlarged entity. Portland Paints will be dissolved without being wound up.
In addition, the merger provides a unique opportunity to help drive growth and expansion within the Nigerian paints and coatings landscape, creating more value for shareholders and relevant stakeholders.
Finally, the merger is expected to create an ‘’Enlarged CAP’’ which will dominate the Nigerian paints market, printing the industry’s largest market share estimated to be around 14.9%. The enlarged entity will float an enlarged product portfolio with strong brands and a rich product mix of CAP and Portland Paints in the standard, premium, industrial and marine/protective segments.
What you should know:
Ellah Lakes Plc has announced the signing of a Memorandum of Understanding (MoU) with KJM Trading Limited Ghana (KTLG), in a bid to expand its frontiers and business interests beyond Nigeria.
The partnership will enable Ellah Lakes to kick off the process of securing 20,000 hectares of arable farmland in Ghana and will herald the emergence of its subsidiary in Ghana. In addition, the company is looking at leveraging on KTLG’s strong network across the West African market, given its diversified business interests.
According to a notice sent to the Nigerian Exchange Group Limited (NGX), the deal is part of the strategic plan by Ellah Lakes Plc to establish a presence in three other Anglophone countries in West Africa starting with Ghana.
What they are saying:
Commenting on the deal, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr Chuka Mordi said: ‘’Ellah Lakes is very pleased to commence this strategic partnership with KJM Trading Limited. This is the first stage of our planned West African dominance and Ellah Lakes Ghana, a subsidiary of Ellah Lakes Plc will be set up as a result of this partnership.
Under this partnership, Ellah Lakes will also kick off the process of securing 20,000 hectares of arable farmland in Ghana. We are certain that this partnership will strengthen and advance the transformation agenda of the company.’’
On the other hand, the CEO of KJM Trading Limited, Mr Emmanuel Kojo Jones-Mensah said: ‘’At KTLG, we aim to build a prosperous agriculture chain in Africa. We are excited to be part of this next chapter of Ellah Lakes growth and look forward to putting our expertise and experience to use for a successful partnership.
What you should know:
The Board of Directors of Aluminium Extrusion Industries Plc have announced the resignation of three Non-Executive Directors from its Board.
According to a notification sent to the Nigerian Exchange Group Limited (NGX) and seen by Nairametrics, the affected Directors are; Chief (Dr) Jinesh Chandra Dugad, Messrs Vivek Goel and Prasanta Kumar Ganguly.
In line with statutory procedures, the Board during its meeting held on the 20th of March 2021, deliberated on the requests by the aforementioned Directors to resign from their positions, and subsequently granted approval.
Sequel to this, it is pertinent to note that the resignation of Chief (Dr) Jinesh Chandra Dugad and Mr Prasanta Kumar Ganguly will be effective from 20th of July and 7th of August, 2021 respectively.
Aluminium Extrusion Industries Plc is a leading manufacturing company in Nigeria producing and marketing extruded aluminium products, coloured and wood products.
For more information about the recent disclosure, click HERE.
Tripple Gee and Company Plc released its audited financial results for the year ended 31st of March, 2021.
See link to results.
Omatek Ventures Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on July 19, 2021.
This is according to a disclosure signed by the Company’s secretary, Femi David Ikotun and sent to the Nigerian Exchange Group Limited.
The meeting will hold via zoom on the aforementioned date and by 3:00 pm prompt. Amongst other issues, the meeting is scheduled to consider the unaudited financial statements of the company for the second quarter ending 30th of June, 2021 (Q2, 2021).
In line with statutory provisions, the company will be observing a closed period from 1st of July, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.
What you should know:
For more information about the notice, click HERE.
The Board of Directors of Chemical and Allied Products Plc, has announced the appointment of Dr. Vitus Ezinwa as Non-Executive Director of the company effective from 17th of June, 2021.
According to a notification signed by the company’s secretary, Ayomipo Wey, the appointment of Dr. Ezinwa is subject to the approval of shareholders at the firm’s next Annual General Meeting.
Recall that Ezinwa had recently resigned from the Board of Portland Paints and Products Nigeria Plc, as a Non-Executive Director. The resignation became effective on 28th of May, 2021.
About Dr. Vitus Ezinwa
Vitalis is an accomplished business manager and human resource professional with long term career experience in leading multinational corporations like; Promasidor Africa, 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
See link to the recent announcement.
Lafarge Africa Plc has announced the redemption of its matured N33.6 billion Series 2 bond due on June 15, 2021.
This is according to a notice signed by the company’s CFO, Lolu Alade-Akinyemi, and sent to the Nigerian Exchange Group Limited.
According to the notice, the redeemed bond was issued on June 15, 2006 with a 5-year tenor and a fixed coupon of 14.75%. Sequel to this, the firm has announced the redemption of the matured bond. Affirming this, a part of the recently issued notice read thus: ‘’ The Company leveraging on its performance and its recently concluded Management strategic plans to systematically deleverage the Company, has redeemed the Series 2 Bond from internally generated cash flow.
‘’In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond issuance Programme.’’
What you should know:
For more information about the recent disclosure, click HERE.
Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of a N50 billion Series 1 Fixed Rate Senior Unsecured Bonds.
According to an official disclosure sent to the Nigerian Exchange Group Limited, the recent issuance is part of the company’s N300 billion Multi-Instrument Issuance Programme. The bonds were issued on 26th of May, 2021 at coupon rates of 11.25%, 12.50% and 13.50% respectively for the 3,5, and 7 year tranches respectively.
The firm noted that the proceeds from the bond issuance will be used to further expand the company and meet its short-term debt refinancing and working capital requirements. It is worthy to note that a range of investors like pension funds, asset managers, insurance companies and high net-worth individuals, participated actively in the bond issuance.
Additionally, Dangote Cement revealed that it has registered a programme that will enable it consider different types of fixed income instruments that will serve the needs of different type of investors.
Commenting on the successful issuance of the Series 1 bond, the Chief Executive Officer of Dangote Cement, Michel Puchercos, said : ‘’ This bond issuance allows us move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance.’’
What you should know: