Category: Services

Nigerian Enamelware Plc to hold 61st Annual General Meeting (AGM) on December 9

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Nigerian Enamelware Plc has announced that it will be hosting its 61st Annual General Meeting on the 9th of December, 2021. The meeting will be held at Olokun Hall, Lagos Airport Hotel, Ikeja, by 11:00 am prompt.

This is according to a statement issued by the company and signed by its secretary, Oyetola Oluwafemi. Some of the issues to be discussed at the AGM include;

  • The audited financial statement for the year ended April 30, 2021, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Consequently, the register of members shall be closed from Monday, November 29, 2021 to Friday December 3, 2021 (both days inclusive) for the purpose of updating the register of members.

For more information about the AGM, click HERE.

 

Airtel Africa announces interim dividend currency exchanges rates

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Airtel Africa, a leading provider of telecommunications and mobile money services, has announced new interim dividend currency exchange rates for its shareholders. The firm also confirmed the default currency and options on currency election for the interim dividend

According to a statement signed by the Group Company Secretary for Airtel Africa, Simon O’Hara, and filed with the Nigerian Exchange Limited (NGX), the new interim dividend currency exchange rates are put at 1 US dollar= N414.55 and 1 US dollar=£0.7373.

The telecommunications giant also revealed that shareholders that hold their shares on the London Stock Exchange may elect to receive their entire dividend payment in GB Pounds of US dollars.

In addition, the teleco giant added that: ‘’ Holders electing to receive a dividend should specify a choice of currency by completing the Currency Election Form and returning this to Computershare Investor Services plc.

‘’Shareholders holding their shares on the LSE who do not indicate their currency of choice before 26 November 2021 will receive their dividends in U.S. dollars.

‘’The closing date for the dividend currency election to the Company’s Registrars Computershare Investor Services plc in the UK is 26 November 2021.’’

In addition, Airtel Africa revealed that shareholders that hold their shares on the Nigerian Exchange Limited (NGX), may either elect to receive their entire dividend payment in Nigerian naira or U.S. dollars. It warned that partial elections are not permissible.

Commenting further on Nigerian shareholders, the firm stated that: ‘’Holders electing to receive a dividend in U.S. dollars should complete the Currency Election Form and return this to Coronation Registrars Limited or email to [email protected]

Shareholders holding their shares on NGX who do not indicate their currency of choice before 26 November 2021 will receive their dividends in Nigerian naira.

The closing date for currency election as regards shareholders who hold their shares via the NGX is 26th of November, 2021.

Recall that Airtel Africa recently posted a 131% increase in its bottom line for the half year period ended 30th of September, 2021 to stand at $335 million. The top line figure of the firm also surged by 25% to close at $2.27 billion. Based on this, the Board recommended an interim dividend of 2 cents per ordinary share payable on 10th of December 2021 to shareholders on the register as at close of business on 12th of November, 2021.

Med-View Airline Plc appoints new Company Secretary.

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The board and management of Med-View Airline Plc have announced the appointment of Messrs GFS Corporate Services Limited, as its new Company Secretary.

The decision was taken during the recently concluded Board of Directors meeting of the company held virtually by zoom on Monday 20th of September, 2021. The new appointment is sequel to the resignation of the erstwhile Company Secretary, Mr Abdullahi Adam Al-ilory of Abdullahi Adam Abdullahi Al-ilory & Co.

This is according to a statement issued by the firm, dated 3rd of November 2021, and made available on the website of the Nigerian Exchange Limited (NGX).

Excerpts of the press release reads: ‘’Notice is hereby given to the general public that at the Board of Directors meeting of Med-View Airline Plc, held virtually by zoom on Monday 20 September, 2021 a new Company Secretary, Messrs GFS Corporate Services Limited was approved for the company following the resignation of the erstwhile Company Secretary, Mr. Abdullahi Adam Al-ilory of Abdullahi Adam Abdullahi Al-ilory & Co.’’

About GFS Corporate Services Limited:

GFS Corporate Services Limited is the corporate service unit of G. Elias & co. The company was incorporated in August 2016 to provide top-notch service to her clients. The firm has one of the finest lawyers and chartered secretaries who are vastly experienced, passionate and focus on providing timely and practical solutions to the needs of her clients. Presently, it provides company secretarial services to over a hundred clients.

 

Click HERE to access the announcement

2021 9M Results: Global Spectrum Energy Services Plc records a 33% slump in PBT to N153.7 million.

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Global Spectrum Energy Services Plc released its financial results for the nine months period ended 30th of September, 2021.

  • Revenue for the period was N1.29 billion. (-28% YoY)
  • Direct cost of N934.7 million. (-30.8% YoY)
  • Administrative expenses totalled N209.6 million. (-4.6% YoY)
  • An operating profit of N158.1 million was recorded. (-32.5% YoY)
  • Profit before tax was N153.7 million. (-32.9% YoY)
  • Total assets during the period stood at N5.64 billion.

See link to results.

Ekocorp Plc reports net loss of N148.2 million in 9M 2021.

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Ekocorp Plc released its earnings results for the nine months period ended 30th of September, 2021.

  • Revenue for the period was N643.46 million. (-13.2% YoY)
  • Cost of sales was N548.86 million. (+8.1% YoY)
  • Operating expenses totalled N224.7 million. (-14.9% YoY)
  • Net loss for the period was N148.25 million.
  • Total shareholders fund stood at N2.34 billion during the period.
  • Loss per share of -29.7 kobo Vs -9.7 kobo YoY.

See link to results.

Airtel Africa secures approval to launch a payment service bank in Nigeria.

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Just like its major rival in the Nigerian market, Airtel Africa Plc has announced that it has obtained an approval-in-principle to launch its payment service arm in Nigeria, known as SMARTCASH Payment Service Bank Limited.

According to a statement signed by the Group’s Secretary, Simon O’Hara and filed with the Nigerian Exchange Limited (NGX), the final approval is subject to the firm satisfying certain standard conditions within six months.

Excerpts of the recent press statement issued by the telecommunications giant reads: ‘’Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary SMARTCASH Payment Service Bank Limited (“Smartcash”) has been granted approval in principle to operate a payment service bank business in Nigeria.

‘’Final approval is subject to the Group satisfying certain standard conditions within six months.’’

Similarly, recall that MTN Nigeria had announced that it obtained an approval-in-principle from the Central Bank of Nigeria (CBN) to launch its proposed MoMo Payment Service Bank.

It is expected that the entrance of these two major telecommunications companies into the Nigerian financial services landscape will help heighten competition and drive a more inclusive financial system, offering options for a wide range of financial services to both the unbanked, under-banked and banked population in Nigeria.

Commenting on the recent development, the CEO of Airtel Africa Plc, Segun Ogunsanya, said: ‘’I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations. The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services. I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.“

Recall that Airtel Africa recently announced that it is exploring potential IPO for its mobile money business in less than 4 years. The firm made the disclosure during its recently concluded investors’ presentation for its half year result ending September 2021.

MTN Group to sell 575 million units of shares in Nigeria subsidiary via Public Offer

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MTN Group Limited, a leading telecommunications company in the African market, has announced plans to offload about 575 million units of its shares in its Nigerian subsidiary- MTN Nigeria, through a public offer.

According to a statement signed by the company’s secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX), the recent move is in line with MTN Group’s intent of selling down approximately 14% of its current shareholding in MTN Nigeria.

In addition, the popular telecommunications firm revealed that it will begin book-building this month for the public offer. It added that this month’s book-building exercise would target institutional investors, and will be subsequently followed by a fixed price for retail investors, which will be scheduled later this month.

It is pertinent to note that MTN Group has been exiting and reducing its stakes in some markets including Uganda and Zambian units. The South African based telecommunications giant listed its Nigerian business in Lagos two years ago, after which it became the second-largest stock by market capitalization.

Further details about the recent offer and ways to subscribe will be subsequently provided.

What you should know:

  • It is estimated that MTN Group could rake in about N101 billion ($244 million) from the offer. As at the period of reporting this, MTN Nigeria share price gained about 2.51% to close at N180 per share at the local bourse.
  • It is also important to note that MTN alongside Vodacom Group Limited, controls more than 70% of the South African mobile market in terms of subscribers.

 

 

The Initiates Plc reports a net loss of N94.6 million in 9M 2021.

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The Initiates Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.

  • Revenue for the period was N178.25 million. (-51.4% YoY)
  • Cost of sales for the period was N151.2 million. (-38.2% YoY)
  • Administrative expenses totalled N65.04 million. (+16% YoY)
  • Total assets during the period stood at N1.69 billion. (+49.8% YoY)
  • Loss after tax was N94.6 million.
  • Loss per share of 0.11 kobo Vs 0.01 kobo YoY.
  • Return on assets of 0.11% Vs 0.32% YoY.

See link to results.

Airtel Africa announces first closing of tower sale transaction in Madagascar.

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Airtel Africa, a leading telecommunications company with presence in 14 countries across the African continent, has announced the first closing of the transaction to sell its telecommunications tower company in Madagascar to Helios Tower Plc.

According to a statement signed by the Group Company Secretary, Simon O’Hara, and made available on the website of the Nigerian Exchange Limited (NGX), Airtel Africa will receive about $51.7 million for the deal.

It is imperative to note that until the completion of the transactions, Airtel Africa will continue to develop, maintain and operate their equipment in the towers under a separate lease agreements with Helios Towers (the purchaser). The lease agreement will be separate from the sale agreement and payments will be made in local currencies by Airtel’s operating entities in the jurisdiction

In addition, the teleco giant noted that the net proceeds from the deal will be used to reduce the Group’s external debt and to invest in its network and sales infrastructure in the host country (Madagascar).

What you should know:

  • Earlier in March this year, Airtel Africa Africa had announced the signing of an agreement with Helios Towers Plc to sell its tower companies in Madagascar and Malawi. The teleco giant owned about 1,229 towers in these two markets and they form a critical part of the company’s infrastructure network. The towers as at the period of the announcement were valued at $93.7 million.
  • In addition, the teleco giant also announced that it has entered into an exclusive Memorandum of Understanding (MoU) for the potential sale of its 1,000 tower assets in Chad and Gabon. The deal is expected to be executed in similar style with the sale of the Madagascar and Malawi tower assets. It is also expected to be finalized by 2022.
  • Helios Towers Plc is a leading telecommunications infrastructure company in Africa with major presence in markets like South Africa, Ghana, Senegal and others.

 

 

C & I Leasing Plc posts loss after tax of N170 million in 9M 2021.

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C & I Leasing Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.

  • Net lease rental income for the period was N6.43 billion (-16.5% YoY)
  • Net tracking income of N52.85 million (-40.8% YoY)
  • Net operating income was N5.08 billion. (-8.1% YoY)
  • Personnel expenses totalled N843.4 million. (-20% YoY)
  • Total assets for the period stood at N57.7 billion.
  • Loss after tax was N170 Million.
  • Earnings per share of 21.75 kobo Vs 43.90 kobo YoY.

See link to results.