Total Nigeria Plc shareholders approve change of name to TotalEnergies Marketing Nigeria Plc.

Chidi Emenike Leave a comment

The shareholders of Total Nigeria Limited have approved the formal change in the name of the company to TotalEnergies Marketing Nigeria Plc.

According to a statement issued on the website of the Nigerian Exchange Limited, the formal change was part of the resolutions reached at the recently concluded Extra Ordinary General Meeting of the company held on Thursday (yesterday) in Lagos.

Consequently, the shareholders elected to change the memorandum and articles of association to reflect the company’s new name. Additionally, the shareholders charged the Board of the company to implement all necessary steps required to effect a change of the name of the company.

Speaking on the name and logo change, the Managing Director of TotalEnergies Plc., Mr Imrane Barry said the company is committed to be at the forefront of the energy landscape in Nigeria. He said the new name and logo documents the company’s historic journey from inception to the point it is now.

TotalEnergies has been actively involved in the oil and gas business in Nigeria for over 60 years. The firm is renowned for the production, transportation, trading and distribution of responsible energies to the end customer.

Total Nigeria Plc (now known as TotalEnergies Plc) closed trading for the week ended 20th of August, 2021 with a share price of N199.20.

 

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

Chidi Emenike Leave a comment

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

Chidi Emenike Leave a comment

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.

 

 

 

Airtel Africa receives $375 million in first closing of its mobile money deals.

Chidi Emenike Leave a comment

Airtel Africa, a leading provider of telecommunications and mobile money services, have received a total of $375 million from three investors-Qatar Investment Authority (QIA), Mastercard and The Rise Fund, in the first closing of its minority stake sales in the mobile money business segment.

This is according to a notification signed by the Group Company Secretary, Simon O’Hara, and sent to the Nigerian Exchange Limited (NGX) today.

The disclosure is following the disbursement of a first tranche of $150m by QIA for the secondary purchase of shares in Airtel mobile money arm popularly referred to as Airtel Mobile Commerce BV (AMC BV). Consequently, the QIA is expected to disburse a further $50m in the second tranche of the deal.

Recall that the QIA had pledged to invest about $200 million in Airtel Africa’s mobile money business which is valued at $2.65 billion on a cash and debt free basis. With the closing of the first tranche of the deal, QIA is now entitled to appoint a director to the board of AMC BV and will now exercise certain customary information and minority protection rights.

With the first closing of QIA deal, Airtel Africa disclosed that it has received a total of $375 million from three investors, and will further receive $125 million in the second tranche of the deal, taking cumulative proceeds from minority stake sales in Airtel Money to a total of $500 million

In conclusion, the telecommunication giants reiterated its earlier stance that the net proceeds from the transactions will be used to reduce the Group debt and invest in network and sales infrastructure in the respective operating countries.

Back story:

  • Recall that global payments provider, Mastercard and The Rise Fund had earlier announced plans to invest $100 million and $200 million respectively in Airtel Mobile Commerce BV (AMC BV)

 

 

 

 

 

 

 

Nestlé S.A buys additional shares of Nestlé Nigeria worth N1.26 billion.

Chidi Emenike Leave a comment

Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 900,887 additional units in the shares of the company.

This was disclosed by the company in a notification sent to the Nigerian Exchange Limited (NGX), which was seen by Nairametrics.

The purchase according to the notification signed by the Company’s Secretary, Bode Ayeku, was made on the bourse in two tranches on 18th and 19th of August, 2021. The breakdown of the transactions is succinctly captured below;

  • In the first tranche, Nestlé S.A purchased 842,439 units of its Nigerian subsidiary’s shares at a unit price of N1, 400, amounting to N1, 179,414,600.
  • In the second tranche, the firm purchased an additional 58,448 at the same unit price of N1, 400 per share, totaling N81, 827,200.

Cumulatively, the Swiss multinational firm purchased a total of 900,887 additional units of Nestlé Nigeria Plc shares at a unit price of N1, 400, amounting to N1, 261,241,800.

This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.

What you should know:

  • The Parent company had earlier splashed a total of about N2.61 billion on the purchase of additional 1,870,348 units of its Nigerian subsidiary’s shares.
  • As at the period of filing this report, Nestlé Nigeria Plc currently trades at N1,400 per share.

 

 

Access Bank Delays Publication of Audited Half Year Results

Chidi Emenike Leave a comment

The Management of Access Bank Plc has notified stakeholders of its inability to meet up with the regulatory time frame earmarked for the publication of its Audited Financial Statements for the half year period ended 30th of June, 2021.

This is according to a notice signed by the company’s secretary, Sunday Ekwochi, and sent to the Nigerian Exchange Group Limited (NGX).

According to the disclosure, due to ongoing strategic business combinations across jurisdictions and the need to obtain regulatory approval, the release of the Group’s 2021 Audited Interim Financial Statements could be delayed beyond the regulatory due date of 29th of August, 2021.

Consequently, the banking giants expressed optimism that it would publish the results within the extended timeframe. It emphatically stated that it expects to publish the results on or before September 10, 2021.

In addition, the bank reminded insiders that the earlier declared closed period in respect of transaction in the Bank’s securities remains in place until 24 hours after the release of the Results.

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

Chidi Emenike 1 Comment

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.

 

 

 

 

Tripple Gee & Company Plc: Notice of Annual General Meeting.

Chidi Emenike Leave a comment

The Board of Tripple Gee & Company Plc has announced that it will be hosting its 31st Annual General Meeting (AGM) in Lagos on the 9th of September, 2021.

According to a notice signed by the company’s secretary, Mrs. M. Adenike Sode and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at Sun Heaven Hotels & Resort  in Ikoyi-Lagos on the aforementioned date and by 10:00am prompt.

In light of this, the following issues will be discussed;

  • The audited financial statement for the year ended March 31, 2021, and the report of its Directors, auditor, and the audit committee.
  • To consider and approve the dividend recommended by the Board
  • 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.

For more details about the AGM, click HERE.

JAIZ Bank Director acquires additional shares worth N101.9 million.

Chidi Emenike Leave a comment

JAIZ Bank Plc has notified the Nigerian Exchange Group Limited that Alhaji Aminu Alhassan Dantata, a Non-Executive Director in the bank, has acquired 178,827,232 additional units of its shares, worth ₦101.9 million.

This is contained in a notice signed by the company’s secretary, Rukayat Oziama Dahiru, and forwarded to the Nigerian Exchange Limited (NGX).

According to the disclosure, the transaction which took place on the 19th and 23rd of July, 2021 at the floor of the NGX, saw the director purchased additional 178.83 million shares at a price of 57 kobo per share. This put the total consideration for the shares purchased by the Non-Executive director at ₦101,931,522.24.

It is pertinent to note that the disclosure is in line with The Exchange’s policy on insider dealings. It is imperative because it helps to engender transparency and maintain public trust in the financial system. Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

What you should know:

  • As at June 2021, Alh. Aminu Alhassan Dantata holds about 1,565,210,516 units of Jaiz Bank shares, translating to about 5.31% of the total shareholding in the bank. The recent addition thereby raises his total shareholdings to 1,744,037,748 units.
  • Jaiz Bank Plc closed trading today 18th of August, 2021 at 60 kobo/share on the floor of the Nigerian Exchange Limited (NGX).

 

 

Nestlé S.A acquires additional shares of its Nigerian subsidiary worth N2.61 billion.

Chidi Emenike Leave a comment

Nestlé S.A, the parent company of Nigeria’s largest consumer goods company, Nestlé Nigeria, has increased its stake in its Nigerian subsidiary with the acquisition of shares worth N2.61 billion.

According to a recent notice filed with the Nigerian Exchange Limited, the Swiss multinational firm bought an additional 1,870,348 units of Nestle Nigeria shares at a price of N1, 393 per share. This puts the total purchase consideration for the shares of Nestlé Nigeria by the Swiss multinational at N2, 605, 394, 76.

The recent transaction occurred in two tranches between 16th and 17th of August, 2021. The breakdown of the transactions is as follow;

  • In the first tranche, Nestlé S.A purchased 339,471 units of the Nigerian subsidiary’s shares at a price of N1, 388.6476, amounting to N471, 405,589.4.
  • In the second and last tranche which occurred on the 17th of August, the Swiss multinational firm purchased a further 1,530,877 units of the latter’s shares at a price of N1,399.1446, totaling N2,141,918,287.8

Recall that the Multinational firm had earlier in this month purchased 125,513 units of its Nigerian subsidiary shares, worth N175.2 million. The recent transaction further raises the stake of the parent company in its Nigerian subsidiary and is a demonstration of strong confidence in the opportunities that abound in the local consumer goods sector.

What you should know:

  • As at 30th of June 2021, Nestlé S.A owns about 533,270,982 units of ordinary shares in Nestlé Nigeria Plc, translating to a majority shareholding of about 67.28%.
  • Nestlé Nigeria Plc is currently trading at N1,387 per share on the floor of the Nigerian Exchange Limited (NGX).