RAK Unity Petroleum Plc set to wind up business, appoints liquidator.

Rak Unity Petroleum Company Plc, a major distributor of petroleum products in Nigeria, has announced plans to wind up its business, subject to the approval of the members of the company in the imminent general meeting.

This decision was reached during the recently concluded Annual General Meeting of the company, held on the 4th of June, 2021 at Marina-Lagos.

An excerpts of the resolutions read: ‘’ THAT the Company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020 subject to the approval of the members of the Company in the general meeting.’’

Additionally, in a bid to facilitate the winding up of the company, the shareholders resolved to appoint Mrs. Chinwe Chiwete of EPIC law firm as its liquidator. Confirming this, a part of the notice read thus: ‘’ THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.’

It is pertinent to note that RAK Unity Petroleum was incorporated on 20th of December, 1982 as a limited liability company. It was listed on the second-tier of the Nigerian Stock Market (ASeM) on 21st of March, 1989.

Rak Unity Petroleum Plc is engaged in the sale and distribution of petroleum products. The Company is also engaged in the business of storage of oil, gas, kerosene, among others.

 

RAK Unity Petroleum Plc posts loss of N64.2 million in FY 2020.

RAK Unity Petroleum Company Plc released its full-year results for the year ended 31st December 2020.

  • Revenue for the year was N1.41 billion. (-68% YoY)
  • Cost of sales was N1.32 billion. (-68.8% YoY)
  • Operating expenses totaled N153.54 million. (-32% YoY)
  • Operating loss was N63.7 million. (-147.4% YoY)
  • Loss for the year was N64.2 million. (-61.4% YoY)
  • Loss per share of N1.13 vs 70 kobo YoY.

See link to results.