Friday, 22 September 2017
Business and Economy

Business and Economy (692)

FIDSON Nigeria Plc traded high at the end of transactions yesterday on the trading floor of the Nigerian Stock Exchange, as market capitalization hits N127 billion.

Specifically, at the close of transactions yesterday, Fidson led 54 stocks with 10 per cent to close at N1.54 per share.

Following Fidson yesterday was Ashaka cement, adding 9.98 per cent to close at N24.35 per share.

Other gainers of yesterday’s transactions include Wema Bank, AIICO, Transcorp, adding 9.91,9.90 and 9.88 per cent to close at N1.22, N1.11 and N1.89 per share.

Royal Exchange gained 9.86 per cent to close at N0.78 per share while Prestige Assurance gained 9.41 per cent to close at N0.93 per share.

Unity Bank and Union Bank garnered 8.86 and 8.67 per cent to c lose at N0.86 and N10.40 per share.

RedStar Express also added 7.89 per cent to close at N3.83 per share.

However, 13 stocks constituted the losers chart, led by Eternaoil with 5.00 per cent to close at N4.18 per share while Premier Breweries followed by UPL with 4.61 per cent to close at N4.55 per share.

JohnHolt lost 4.55 per cent to close at N1.47 per share.

Presco shed 3.64 per cent to close at N26.21 per share. United Bank for Africa dropped 1.19 per cent to close at N7.50 per share.

Ikeja Hotel lost 0.94 per cent to close at N1.05 per share while Livestock shed 0.84 per cent to close at N2.35 per share.

Sterling Bank and Zenith Bank dropped 0.68 and 0.47 per cent to close at N2.93 and N21.40 per share.

Consequently, the All/Share index of the NSE rose by 395.77 points or 1.18 per cent from 33,064.37 posted on Tuesday to 33,460.14 while market capitalization increased by N127billion from N10,578 trillion to N10,705 trillion.

On the activity chart, the banking sub-sector maintained its dominance in volume terms with 457million shares worth N3.3 billion followed by the insurance sub-sector with 171 million units valued at N122million.

The conglomerates featured with 133 million shares worth N288 million.

Transactions in the shares of United Bank for Africa and Unity Bank buoyed activities in the banking sub-sector with 100 million shares and 68 million units valued at N764 million and N58 million.

The insurance sub-sector was boosted by activities in the shares of Niger Insurance and Mutual Benefit Assurance with 49 million shares and 34 million units valued at N24 million and N18 million.

In all, investors exchanged 944 million shares worth N6.5 billlion in 8,492 deals.

Posted On Thursday, 07 February 2013 04:15 Written by

Remodelling your kitchen or bathroom is an excellent way to make your home feel more welcoming and inviting, and to increase its value, too. However, both of these rooms will require you to do some plumbing. That can be tricky if you're not used to doing this kind of work. To avoid problems caused by inexperience, make sure you know what you're doing or still better get an expert. Here are nine solutions that could help you with your bathroom and kitchen remodelling projects.

1. Know what you're capable of. Just because you know how to change out an O ring to fix a leaky sink doesn't mean you're ready to install a new toilet. Be willing to let projects that are too big for you go, and stick to the ones you know you can do. This will make a big difference in the success of your remodel.

2. Don't go for the cheapest replacement parts and fixtures you can find. There's usually a difference between cheap and midgrade products, and you'll see that difference in longevity. While those inexpensive fixtures might be shiny, they'll probably last for a shorter period of time. If you don't want to have to repair or replace them in the future, choose quality over price.

3. Don't replace what you don't have to. A new sink or toilet is going to be pretty expensive, but unless you don't like the look of the old one or the porcelain itself is cracked, you probably don't need to buy one. Look at the parts that might have failed and replace them instead. It'll cost you less in the long run.

4. Always shut the water off at the source if you're going to be working with the plumbing. For most modern fixtures, this means simply turning the knob that's attached to the sink or toilet to keep a flood from occurring. However, if you're working in an older house, you might need to shut the water off at the source. If this is the case, think about installing shut off valves as part of your remodel to make future jobs easier.

5. Organize everything. Know where all your tools and instructions are before you start work, so you won't have to run back and forth to find things and make the job take longer.

6. Do remodelling jobs a little at a time. Instead of tearing the whole kitchen or bathroom apart at once, do one part at a time to keep you and your family a lot happier.

7. Think about drainage. Your home has a system for draining and venting, and if you're installing a new fixture, doing it wrong could upset the balance. Be very careful when you set up drains to make sure they work correctly.

8. Install only water resistant materials. We've all seen it - a bathroom where the owner has unwittingly installed carpet, only to have it ruined. Even if things seem fine, remember that kitchens and bathrooms are moist places. Choose vinyl, ceramic tile and metal over wood and fibrous materials. You'll thank yourself later.

9. Use the right tools and components! This might seem like a no-brainer, but many home plumbers take shortcuts that end up being a real problem later. Don't let this happen to you - use the right thing to begin with.

WALTER UWALAKA

*I-One Building Solutions*  Bathrooms. Doors. Tiles

Consultancy |  Sales&Supply  |  Installation.

01-8500411, +234-08060500676, 08022416132

Posted On Tuesday, 05 February 2013 14:22 Written by

THE bulls have continued to strengthen its hold on the trading floor of the Nigerian Stock Exchange, even as virtually all the highly capitalised stocks appreciated in price, especially PZ Cussons and West African  Portland Company, causing market capitalization to rise further by N87billion.

Volume of shares traded also increased, as 578million shares valued at N4.3 billion was exchanged in 7,740 deals yesterday, higher than 410 million units worth N3.5 billion exchanged in 6,708 deals on Friday.

Specifically, at closed of transactions yesterday, the All-Share index of the NSE rose by 273.16 points or 0.8 per cent, from 32,411.86 recorded on Friday to 32,685.02 while market capitalization increased by N87 billion from N10,370 trillion to N10,457.46 trillion.

Further analysis of yesterday’s transactions showed that PZ Cussons led the bulls up with 356kobo to close at N71.43 per share while West African Portland Company followed with 343 kobo to close at N49.36 per share.

GlaxoSmithKline added 235kobo to close at N49.36 per share.

International  Breweries, Guinness, Cadbury garnered 227kobo,218kobo and 168kobo to close at N24.98,N294.21 and N35.28 per share.

Nigerian Breweries gained 168 kobo to close at N166.65 per share while UACN added 141 kobo to close at N48.51 per share.

MRS and FBN Holdings also gained 124kobo and 108 kobo to close at N26.12 and N19.79mper share.

On the other hand, Nestle topped the losers chart with 18.99kobo to close at N801.00 per share. Flourmills followed with 809kobo to close at N72.82 per share.

Dangote cement shed 487kobo to close at N140.00 per share.

Presco, Livestock, DN Meyer dropped 18kobo, 12kobo and 11kobo to close at N26.11,N2.38 and N1.15 per share.

May&Baker shed nine kobo to close at N1.88 per share while LearnAfrica lost six kobo to close at N2.25 per share.

RT Briscoe and Cutix also lost six kobo and four kobo to close at N1.69 and N1.42 per share.

On the activity chart, the banking sub-sector dominated in volume terms with 338 million shares worth N2.1billion in 3,199 deals, followed by the conglomerates with 70 million units valued at N166 million.

The insurance sub-sector trailed with 41 million units valued at N31 million in 332 deals.

Transactions in the shares of Sterling Bank and Fidelity Bank buoyed activities in the banking sub-sector with 114 million shares and 39 million units valued at N326 million and N134 million while the conglomerates sub-sector was boosted by activities in the shares of TransNational Corporation which traded 68 million units valued at N103 million in 384 deals.

 

Posted On Tuesday, 05 February 2013 04:42 Written by

THE Nigerian Stock Exchange, NSE has assured stakeholders that the current year would be quite gainful, even as the market is expected to leverage on key initiatives and policies advocacies that commenced in the past year to deliver outstanding performance.

The NSE’s Chief Executive Officer, Mr. Oscar Onyema, explained that even though he feared that problems around liquidity might spill into the New Year, he assured that concerted efforts are being made to address the ugly trend.

His words, “we anticipate that the relative attraction of the FGN bonds will continue for local and global investors on the fixed income side, as a result of record high yields. With the forthcoming inclusion of the Nigerian FGN bonds in the Barclays Emerging Markets Local Currency Bonds Index, it will put the nation’s bonds in the international spotlight,” he added.

He noted that expected entrance of foreign issuers such as the International Finance Corporation into the Nigerian bonds market this year would help to lift the market performance.

He listed other contributing factors to the optimism on the capital market to include early passage of the national budget which, according to him, created the impression that fiscal policy is prioritised, the pronouncement by the Federal Government to begin investing proceeds of the Sovereign Wealth Fund (SWF) in the capital market in March 2013, as well as, elimination of value added tax, VAT and stamp duties from transaction charges in the market.

According to him, continued product innovation by the Exchange, including the commencement of secondary bond market trading and introduction of new indices and ETFs would provide additional incentives.

Speaking on some of the initiatives for 2013, Onyema said, “For ETF, we intend to roll out additional ETFs covering various undermined products and we also intend to introduce the Nigerian depository receipt programmes this year,” saying that this would provide access to the trading of companies that are listed in other markets, but have their products heavily used in Nigeria.

Continuing, he said, “we intend to conclude work on transaction cost analysis framework that will allow us to benchmark how effective or extensive we executive an order in this market as compared to other emerging or frontier markets, and that will give us a clear understanding of where action needs to take place. We also intend to continue the work on market optimisation, so that we can continue to improve on the liquidity in the market place.”

 

Posted On Monday, 04 February 2013 04:20 Written by

EQUITY transactions on the Nigerian Stock Exchange closed in an upbeat yesterday, as more blue chip companies join the league of gainers, causing market capitalization to increase by N78 billion.

However, the volume of shares traded dropped, as 4.24million shares worth N3.8 billion changed hands in 6,505 deals, lower than 507 million units worth N3.1 billion exchanged in 6,666 deals on Tuesday. 

Specifically, at the closed of transactions yesterday, the All/Share Index rose by 244 points or 0.7 per cent from 31,571.45 recorded on Tuesday to 31,815.45 while market capitalization increased by N78billion from N10,179 trillion to N10,101 trillion.

Julius Berger topped the gainers chart with 9.92 per cent to close at N66.50 per share while Nestle followed with 6.31 per cent to close at N840.10 per share. PZ Cussons gained 5.92 per cent to close at N34.00 per share.

Flourmill, West African Portland Paints added five per cent to close at N85.05 and N4.20 per share respectively, while Eterna oil gained 4.98 per cent to close at N4.64 per share.

FO added 4.94 per cent to close at N15.94 per share. Livestock and Vitafoam garnered 4.85 and 4.82 per cent to close at N2.38 and N4.35 per share.

AG Leventis also gained 4.61 per cent to close at N1.59 per share.

International Breweries led others on the losers chart with 10 per cent to close at N25.20 per share followed by Prestige Assurance with 9.09 per cent to close at N0.60 per share.

Unity Bank lost 8.86 per cent to close at N0.72 per share. UACN shed 8.63 per cent to close at N50.30 per share.

Berger Paints, CAP, Honeywell dropped 5.00 , 4.95 and 4.89 per cent to close at N9.50, N31.90 and N3.11 per share.

JohnHolt and Nigerian Aviation Handling Company also shed 4.81 and 4.76 per cent to close at N1.78 and N8.00 per share.

On the activity chart, the banking sub-sector maintained its dominance in volume terms with 211million shares worth N1.7 billion followed by the insurance sub-sector with 99 million units valued at N61 million.

The food products subsector trailed with 27 million units worth N169 million.

Trading in the shares of Unity Bank buoyed activities in the banking sub-sector with 42 million shares worth N30 million while the insurance sub-sector was enhanced by activities in the shares Niger insurance with 62 million units worth N31 million.

olp

 

Posted On Thursday, 31 January 2013 03:01 Written by

Flour Mills Plc has announced its intention to merge its business with Niger Mills limited.

Niger Mills produces a wide range of goods, including flour, pasta, cement, fertilizer, bags and other packaging materials. In Cross River, Niger Mills’ main focus is on producing high quality wheatflour.

Flour Mills already holds 99.97 percent equity stake in Niger Mills. The scheme of merger will be achieved by the transfer of liabilities and undertakings of Niger Mills to Flour Mills, while the entire issued share capital of Niger Mills will be cancelled.

In a notice filed with the Nigerian Stock Exchange, NSE, Flour Mills explained that the boards of both companies have been in discussion and negotiations with regard to merging their respective businesses.

The company noted that the proposed scheme of merger would be undertaken pursuant to part XII of the investment and securities Act No. 29 of 2007.

It further stated that in exchange for Niger Mills’ liabilities transferred to Flour MIlls, ordinary shares of Flour Mills would be issued to the minority shareholders of Niger mills or alternatively a cash consideration in lieu of the allotment of the said Flour Mills shares to the minority.

According to statement, the proposed merger would facilitate the consolidation of the companies’ operations and processes into a single enlarged entity, while positioning them to create particularly administrative costs relating to maintaining two distinctive entities.

“The board of Flour Mills believes that the enlarged entity will consolidate accessing positive economies of scale and realizing significant synergies through enhanced operational and administrative efficiency, thereby providing immense benefits to the shareholders and customers of Flour Mills.

It would be recalled that Flour Mills had recently secured approval-in-principle from the Securities and Exchange Commission, SEC, for a proposed business combination with Nigerian Bag Manufacturing Company Plc (Bagco) and its subsidiaries – Northern Bag Manufacturing Company Limited and Bagco Morpack Nigeria Limited.

The companies had said that they wanted to undertake the merger in order to streamline their operations and reduce administrative costs.

Other reasons adduced by the companies include the need to improve operating efficiency and capture the full synergies arising from the merger, which, in turn will result in a significant enhancement of shareholders’ value.

According to Flour Mills, the acquisition confirmed the company’s unalloyed support for the Federal Government’s Agricultural Transformation Agenda having already commenced major agro-allied investments in the areas of rice cultivation and milling; Sugar growing, milling and refining; maize and Soya beans growing; palm oil cultivation and refining; and production of animal feeds.

 

Posted On Sunday, 27 January 2013 23:11 Written by

THE market capitalisation of the Nigerian Stock Exchange hit N10 trillion mark yesterday, occasioned by heavy price gains recorded by major blue-chip stocks, especially Unity Bank and Julius Berger.

At the close of transactions yesterday, the market capitalisation of the NSE rose by N148 billion from N9,910 trillion recorded on tuesday to N10,058 trillion while the All-Share Index went up by 462.39 points or 1.4 per cent from 30,983.83  to  31,446.22.

Significantly, Unity Bank emerged the day’s highest price gainer with 10 per cent to close at N0.66 per share, followed by Julius Berger, adding 9.98 per cent to close at N46.84 per share.

Presco added 8.05 per cent to close at N25.50  per share, UACN gained 5.82 per cent to close at N50.00 per share.

AIICO, Cement Company of Northern Nigeria, BOC Gases gained 5.33,4.97 and 4.97 per cent to close at N0.79, N9.29 and N6.55 per share.

FO gained 4.95 per cent to close at N13.14 per share while Eternaoil and Honeywell Flourmills garnered 4.95 and 4.80 per cent to close at N3.82 and N2.84 per share.

However, Oando topped the losers chart with 9.83 per cent to close at N14.40 per share while Airservice followed with 6.78 per cent to close at N5.50 per share.

TransNational Corporation dropped 5.45 per cent to close at N1.04 per share. UPL, Vitafoam, JohnHolt lost 5.00,4.88 and 4.83 per cent to close at N4.56,N3.90 and N1.97 per share.

Continental Reinsurance shed 4.44 per cent to close at N0.86 per share while Neimeth dropped 3.92 per cent to close at N0.98 per share.

NPF Micro finance Bank lost 3.88 per cent to close at N0.99 per share . Diamond Bank also shed 3.75 per cent to close at N6.16 per share.

On the activity chart, the banking sub-sector remains the most active stock in volume terms with 371 million shares worth N1.2 billion followed by the insurance sub-sector with 96 million units valued at N62 million.

The foodproducts sub-sector trailed with 29 million un its valued at N164  million.

Transactions in the shares of Unity Bank boosted activities in the banking sub-sector with 233 million shares worth N150 million followed by Sterling Bank with 21 million units worth N57 million.

The insurance subsector was buoyed by activities in the shares of Lasaco Assurance and NEM Insurannce with 49 million shares and 18 million units valued at N24 million and N13 million.

In all, investors exchanged 797 million shares worth N5.1 billion in 6,974 deals.

Posted On Thursday, 24 January 2013 02:58 Written by

The Monetary Policy Committee of the Central Bank of Nigeria on Monday warned that in spite of the strong recovery of the country’s capital market, it remained “structurally vulnerable to external shocks.”

The CBN Governor, Mr. Lamido Sanusi, while addressing journalists shortly after the committee’s meeting held in Abuja, said the vulnerability of the stock market would continue until its mode of funding changed.

The NSE All-Share Index of the capital market had recorded an increase of 34.45 per cent from 20,730.63 basis points to 28,078.80 between December 31, 2011 and December 31, 2012.

Similarly, the market capitalisation of the listed equities also rose by 37.38 per cent from N6.53tn to N8.97tn during the same period.

But Sanusi said the positive performance, which was attributed to increase in demand for blue-chip stocks, particularly in the banking and consumer goods sectors, following improvements in earnings and growing investor confidence had exposed the market to external vulnerability.

He said, “The positive performance of the ASI and MC was due to sustained increase in the demand for blue-chip stocks, particularly in the banking and consumer goods sectors, following improvements in earnings and growing investor-confidence.

“The committee, however, noted that the significant factor responsible for the recovery was strong portfolio inflows and cautioned that the capital market remains structurally vulnerable to external shocks until its funding basis is changed.”

With regards to the 2013 budget of the Federal Government, the committee cautioned against complacency in revenue generation, despite the high level of oil prices.

Sanusi said, “The committee noted uncertainty in global demand and supply of crude oil, weak performance of non-oil and Value Added Tax revenues.

“On expenditure, the committee noted that there was still the need to continue to drive down recurrent expenditure in favour of capital in view of infrastructure deficit that continued to constrain growth performance.”

However, the governor said, given the stability achieved in the last 22 months, the committee decided with a majority vote of eight to two to maintain the current policy stance.

This, he said, would be to retain the Monetary Policy Rate at 12 per cent with a corridor of +\- 200 basis points around the midpoint; retain the Cash Reserve Ratio at 12 per cent; and retain the Liquidity Ratio at 30 per cent.

In reaching this decision, Sanusi said the committee was faced with three choices.

They are an increase in the MPR in response to the higher oil price benchmark for the 2013 fiscal year; a reduction in MPR in view of the declining Gross Domestic Product trajectory and headline inflation; and retaining the current monetary stance in view of the conflicting price signals, global uncertainties and need to preserve the stability of the system.

He said, “The committee considered the calls for a reduction in the MPR because of the benign inflation outlook other things being equal. However, this may be undermined by the increased sub-national government spending and the Federal Government’s high expenditure in 2013, the higher benchmark oil price in the 2013 budget and the United States debt ceiling with possible impact on commodity prices.

“In view of the foregoing, the committee decided that it was prudent to hold and monitor developments between now and the next meeting of the MPC. The committee, therefore, decided by a majority vote of eight to two to maintain the current policy stance.”

Sanusi put the country’s reserves at $43.849bn as at December 31, 2012, representing an increase of $1.682bn or 3.98 per cent from $42.167bn at end of October 2012.

Relative to the end of December 2011 level of $32.915bn, he said the external reserves as at the end of December 2012 had risen by $10.934bn or 33.21 per cent.

The governor said the increase in the level of foreign reserves was driven by proceeds from crude oil and gas exports and crude oil related taxes, as well as reduced funding of the Wholesale Dutch Auction System.

This, he said, was on account of the huge inflow of foreign portfolio investments, which was about 77 per cent of total inflows through the CBN.

The foreign reserves level, he said, could finance about nine months of imports.

 

Posted On Tuesday, 22 January 2013 14:51 Written by

DIAMOND Bank Plc may have re-strategised for efficient operations that would enhance its general performance this year.

InvestingInAfrica.net, a continental field guide to profitable opportunities in African stock markets disclosed this in a research conducted on African Best 10 stocks.

According to the report, Diamond Bank have laid the groundwork for exceptional performance in 2013, noting that in 2012, the bank increased its lending to customers by 38 per cent and deposits surged 29 per cent.

The bank also embarked on a series of strategic initiatives set to reposition it for keener competition, which include the development of a robust risk management framework, implementation of sustainable banking initiatives, enhanced retail banking drive amongst others.

The financial institution currently referred to as a market leader in the retail banking segment, has various offerings catering to different market segments.

The report said the bank’s net interest margin of nine per cent as at the second quarter of 2012 remained one of the best in the industry.

InvestingInAfrica.net also said Diamond Bank emerged third best stock out of 10 in sub-Saharan African stocks of 2012 that it conducted research on.

It also recorded 158.4 per cent dollar capital appreciation, compared with International Breweries’ 172.5 per cent and Cadbury Nigeria Plc’s 159.5 per cent capital growth.

The research excluded South African stocks from the list of stocks it carried research on, noting that after posting a loss in 2011, Diamond Bank put up great numbers in 2012, remarking that over the first nine months, the management of the bank more than doubled operating profits.

The performance was measured as at December 14, 2012 and each stock recorded an average trade volume greater than $10,000 per day over the previous 30 days.

The report noted that Nigerian companies dominated this year’s list of the best-performing stocks in frontier Africa, adding that the domination may be an understatement as first, second, and third place all went to Nigerian stocks and all but four of 2012?s 10 biggest gainers hail from Africa’s most populous nation -Nigeria.

Posted On Monday, 21 January 2013 04:47 Written by

SHAREHOLDERS of Consolidated Breweries Plc have approved the merger scheme of Benue Brewery Limited and DIL/Maltex Nigeria Plc to enhance operational efficiency, expand growth and maximise value for stakeholders.

The shareholders’ approval was obtained at a court-ordered extra-ordinary meeting of Consolidated Breweries in Lagos, over the weekend.

The Chairman of the company, Prof Mrs. Oyinade Odutola-Olurin explained that prior to the court-ordered meeting, DIL/Maltex and Benue Brewery were subsidiaries of Consolidated Breweries Plc and engaged in the same line of business as Consolidated Breweries.

She however, added that Consolidated Breweries owned 97.83 per cent of the equity in DIL/Maltex and 100 per cent of the equity in Benue Brewery.

According to her, the primary objective of the mergers was to streamline the management and its corporate governance, in line with the operations of Consolidated Breweries and its subsidiaries.

Odutola-Olurin stressed that “the merger would lead to administrative efficiencies, cost reductions and operational synergies; and be beneficial to all stakeholders of Consolidated Breweries’’

She further explained that the post-merger entity would capture positive economy of scale and achieve significant synergies through enhanced operational and administrative efficiencies, a streamlined supply chain, and a unified service delivery platform.

The Chairman of DIL/Maltex Nigeria Plc, Chief Samuel Bolarinde and his Benue Brewery counterpart, Steven Ameh, at separate meetings noted that the merger schemes would provide an opportunity for Consolidated Breweries to better utilize its assets and further streamline its operations.

The combination of the assets of Consolidated Breweries and DIL/Maltex and Benue Brewery, the duo pointed out, was expected to increase Consolidated Breweries’ manufacturing capacity while streamlining overlapping costs, resulting in increased earnings.

“Significant operational synergies will be generated from the optimization of key operations, particularly the manufacturing, overall management, administration and accounting functions’’, said Steven Ameh, stressing that the merger would therefore result in improved returns to the shareholders and employees while customers would also benefit from access to a wider operational platform.

Under the terms of the two separate schemes of merger, all the assets, liabilities and undertakings of both DIL/Maltex and Benue Brewery including real property and intellectual property rights, were transferred to Consolidated Breweries. The entire share capital of DIL/Maltex comprising 350,000 ordinary shares of N1.00 each were cancelled; and DIL/Maltex stands dissolved without being wound up.

In consideration for the transfer of all the assets, liabilities and undertakings of DIL/Maltex to Consolidated Breweries, it was approved that each DIL/Maltex shareholder would receive one ordinary share of Consolidated Breweries, credited as fully paid-up in exchange for 20 ordinary shares held in DIL/Maltex as at the terminal date.

The same propositions apply to Benue Brewery while the entire capital of the company comprising 500,000,000 ordinary shares of N1.00 each were cancelled and Benue Brewery stands dissolved without being wound up. However, there was no consideration to Benue Brewery shareholders for the cancellation of shares held in Benue Brewery, because Benue Brewery was a wholly-owned subsidiary of Consolidated Breweries.

On post scheme dividends and other rights, the scheme shares to be issued to DIL/Maltex shareholders shall, upon the DIL/Maltex effective date, rank pari-passu in all respects and shall form a single class of shares with the existing ordinary shares in the share capital of Consolidated Breweries, Accordingly, DIL/Maltex shareholders shall be entitled to any dividend, bonus issues, and other distributions/rights made by Consolidated Breweries to holders of its fully paid ordinary shares.

Consolidated Breweries had concluded the acquisition of a 95.05 per cent equity stake in DIL/Maltex in 2009.

The acquisition allowed Consolidated Breweries to achieve a modest increase in its market share in the Nigerian non-alcoholic beverage market. By the end of 2011, further acquisitions had increased Consolidated Breweries; equity stake in DIL/Maltex to 97.83 per cent.

Posted On Friday, 18 January 2013 03:41 Written by
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