At the annual general meeting in
The meeting also empowered the directors to decide on absorption of excess monies from the new capital issue.
The resolution highlighted that the new capital issue would be for the "purposes of enhancing the company's working capital and financing the development of the company's businesses".
To create headroom for the new capital issue, shareholders also increased the authorised share capital of the company from N1 billion, consisting of 2.0 billion ordinary shares of 50 kobo each, to N1.90 billion, consisting of 3.8 billion ordinary shares of 50 kobo each, by creating additional 1.80 billion ordinary shares.
In his address to shareholders, chairman,
According to him, it is imperative that shareholders inject more equity to the company to make it stronger and put it in better position to face the challenges in the industry.
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