Infinity Trust Mortgage Bank Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021)
See link to results.
Stanbic Africa Holdings Limited (SAHL) has announced the acquisition of an additional 5.5 million units of shares in its Nigerian subsidiary- Stanbic IBTC Holdings PLC, in a deal worth N216.2 million.
This is according to a disclosure signed by the secretary of Stanbic IBTC Holdings Plc, Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX).
The breakdown of the transaction which occurred in Lagos on Tuesday showed that SAHL acquired additional 5,557,703 units of Stanbic IBTC shares at a unit price of N38.90, amounting to N216, 194,646.7
This transaction comes barely 24 hours after the financial services holding company had similarly spent about N194.4 million for the purchase of an additional 5 million stakes in its Nigerian subsidiary.
In this light, the recent transaction thereby raises the stake of SAHL in Stanbic IBTC to about 67.16% translating to 7,454,008,002 units of shares. Recall that as at 30th of June, 2021, the former held about 7,443,450,299 units of shares in the latter, indicating about 67.02% of the latter’s total shareholdings.
Stanbic Africa Holdings Limited (SAHL) is an unlisted, wholly owned subsidiary of Standard Bank Group Limited (SBG). SAHL is registered in the United Kingdom and is the holding company for majority of SBG’s African subsidiary banks.
Stanbic IBTC Holdings Plc closed trading today 15th of September, 2021 at N38.9 per share on the floor of the Nigerian Exchange Limited (NGX).
Access Bank Plc has announced the successful launching of a $500 million 144A/RegS Senior Unsecured Eurobond, as part of its Global Medium-Term Note Programme.
According to a notice signed by the company’s secretary, Sunday Ekwochi, and made available on the website of the Nigerian Exchange Limited (NGX), the transaction recorded a massive interest from top quality investors globally, including the United States, Europe, Middle East, Asia and Africa, anchored by a number of large tickets.
The offering achieved the lowest (outstanding) Nigerian bank Eurobond coupon, supported by an over 3x oversubscribed orderbook of over $1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction. The bond which will mature on the 21st of September, 2026, was issued with a yield and coupon of 6.125%, with interest payable semi-annually in arrears. The coupon of 6.125% is another first in the corporate Eurobond issuance space.
Interestingly, the bond is already trading at a premium from issue levels with bids around 5.89% levels whilst offers are around 5.78% as the unmet demand from the auction filtered into the secondary market. (101/101.50 indicative price)
On what it intends to use the proceeds for, the lender revealed that the net proceeds of the Eurobond will be used to provide medium term funding in a bid to enhance its capacity and support its general banking purposes.
Commenting on the Eurobond Issuance, the Group Managing Director of Access Bank, Dr Herbert Wigwe said: ’’At Access Bank we remain committed to our vision to become the World’s Most Respected African Bank and Africa’s Gateway to the World. The success of our US$500 million Senior Unsecured Eurobond is yet another stride towards the realisation of that vision and underscores our investors’ confidence in the Access Bank story. We are pleased with the diversity of the order book and the success of this issuance further strengthens our resolve to deliver on our strategic objectives.’’
What you should know:
In case you missed it: Nairametrics had earlier reported plans by the financial giant to launch the 5-Year Senior Unsecured Eurobond. The recent development is following an imminent retirement of the Bank’s $300 million senior bond issued in 2016 and due for repayment in October, 2021. With the restrictive FX policy stance of the CBN, the lender hopes to optimize this offering to refinance its debt.
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.
Mr. Ohis Ohiwerei, an Independent Non-Executive Director of AXA Mansard Insurance Plc, has resigned from the company’s board, effective from August 31, 2021.
This was announced via a notice signed by the company’s secretary, Omowunmi Mabel Adewusi, and made available on the website of the Nigerian Exchange Limited (NGX).
The Board seized the opportunity to express their appreciation to Mr. Ohiwerei for his leadership and overall contribution to Company’s growth during his tenure on the Board, an indication that his resignation was unanimously accepted and approved by the Board.
In addition, the company also stated that it is currently awaiting the approval of the regulators to announce his replacement.
About Mr. Ohis Ohiwerei
Mr. Ohis Ohiwerei was appointed into the Board of AXA Mansard Insurance Plc as Independent Non-Executive Director, since August, 2016. He also serves in the Board of other notable companies like Notore Chemical Industries Limited, and Orange One Finance Limited, among others.
He has over twenty three years’ experience in the banking industry, having worked in Guaranty Trust Holding Company (formerly GTBank), from 1992 till 1998. He then joined Ecobank Plc in 1998 as Country Treasurer for Nigeria and a member of the regional treasury audit team till 2000 when he joined Diamond Bank Plc.
He served as Chief Financial Officer of Diamond Bank Plc and became Executive Director (Corporate Banking) of Diamond Bank Plc from 2005 till his retirement in 2010. While at Diamond Bank, he also served as the Chief Financial Officer and (Non-Executive) Director of ADIC Insurance Limited.
Ohiwerei holds a Bachelors’ degree in Engineering and Masters in Business Administration (MBA) from the prestigious University of Benin.
What you should know:
Access Bank Plc held its Half Year (HY) 2021 results presentation to investors and analysts. Below are the facts to the figures;
For more information about the Investors presentation, click HERE.
Stanbic Africa Holdings Limited (SAHL), a wholly-owned subsidiary of Standard Bank Group Limited, has increased its stakes in Stanbic IBTC Holdings PLC, a company trading its stocks on the Nigerian Exchange Limited (NGX).
According to a statement signed by the secretary of Stanbic IBTC Holdings Plc, Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX), SAHL paid about N194.4 million to acquire the additional equities.
The breakdown of the transaction which occurred in Lagos on Monday showed that SAHL acquired additional 5 million units of Stanbic IBTC shares at a unit price of N38.88, amounting to N194, 400,000.
What you should know about Stanbic Africa Holdings Limited (SAHL)
Stanbic IBTC Holdings Plc is currently trading at N39 per share on the floor of the Nigerian Exchange Limited (NGX).
For more information about the disclosure, click HERE.
C & I Leasing Plc released its unaudited financial results for the half year period ended 30th of June, 2021.
See link to results.
Japaul Gold & Ventures Plc has announced that it will be hosting a Virtual Board of Directors Meeting via Zoom Platform on the 14th day of September, 2021 by 10:00am.
This is according to a disclosure signed by the company’s secretary, Michael Edeko, and sent to the Nigerian Exchange Limited (NGX).
According to the notice, the meeting will enable the Board Directors to receive and consider the company’s financial statement for the period ended 30th of June, 2021. Decisions reached at the meeting will be subsequently communicated.
In addition, the firm also announced a closed period from 1st of July, 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.
In the closed period, insiders with material information that could influence the share price, comprising of directors, managers, employees, advisers, consultants, etc., and their connected persons are prohibited from directly or indirectly dealing in the securities of the company
Here is a link to the notice.
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;
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