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

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.

EkoCorp Plc approves sale of 110 million units of ordinary shares worth N440 million to a new investor.

The shareholders of EkoCorp Plc, a Nigerian based medical provider, has approved the sale of 110 million units of its ordinary shares to Geoff Ohen Limited, in a deal worth N440 million.

This is sequel to an approval granted by majority of the shareholders during the firm’s recently concluded Extraordinary General Meeting held on 3rd of June, 2021 at Victoria Island, Lagos. Specifically, 79.34% of the total shareholders present during the meeting, voted in support of the decision.

Corroborating this, an extract from the recent press release issued by the company read thus: ‘’It was resolved by the shareholders that the sale of 110,000,000(One hundred and ten million) units of ordinary shares of EKOCORP PLC at N4 per share to Geoff Ohen Limited be approved by the shareholders with 79.34% majority vote.’’

The recent action will enable the firm deliver adequate healthcare and contribute to solving some of the challenges bedeviling healthcare delivery in Nigeria.

What you should know:

  • EkoCorp Plc entered into a share purchase agreement with Geoff Ohen Limited to purchase 110 million units of shares at N4 each in August 2007. This is sequel to cashflow challenge experienced by the firm in 2006.
  • Geoff Ohen Limited paid the sum of N440 million as agreed to the company on the 3rd of August, 2007.
  • However, issues bordering on corporate governance raised its ugly head, prompting the litigation of the whole process, with various court cases instituted by interested persons. This explained why the deal protracted.
  • Therefore, the recent resolution is a big step towards finalizing the whole process as shareholders seem to have passed a vote of confidence in the deal.