The Chief Executive Officer, CWG Plc, Mr. James Agada has revealed plans by the company be listed on either New York, London or NASDAQ.
The CEO, however, debunked views in some quarters that since the firm listed on the floor of the Nigeria Stock Exchange (NSE) in 2013, its operations have not been stabilized, thus leading to several restructurings over the last five years.
Agada insisted that going public had not negatively affected the operations of the firm but rather, it has strengthened it and put corporate governance structures that have boosted its operational practices.
The recently released full-year 2017 financial report of the company shows that its revenue plummeted from ₦10.2 billion in 2016 to ₦8.8 billion in 2017 which represents a 13.7% drop in revenue. Its share price currently trades at ₦2.54 as at yesterday on the stock exchange.
But the board noted that the reduction in earnings is as a result of losses incurred due to the financial cost implications of non-actualised projects which have adversely affected the company’s estimated earnings and year-end projections.
CWG Plc formerly Computer Warehouse Group Plc was incorporated in Nigeria as a Private limited liability company on 1 February 2005 and became a public limited liability company on 15 November 2013.
The group is primarily engaged in the supply, installation, maintenance, and support of hardware, software, consultancy, communications and managed services.
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