Meyer Plc, in a notice to the Nigerian Stock Exchange (NSE) and the investing public, has announced the resignation of its Managing Director, Adeola Omosebi. The statement further disclosed that the company’s Board of Directors has accepted Omosebi’s resignation which took effect from August 25, 2018.
The company, in the same statement, also disclosed the appointment of Kehinde Yusuf as its Chief Financial Officer (CFO) with effect from September 3, 2018.
Meyer Plc had released its Unaudited Consolidated Financial Statements for the period ended June 30, 2018.
The company’s revenue stood at N513 million in June 2018 compared to N519.5 million in June 2017. Loss before tax stood at N28.9 million in June 2018 compared to N27.5 million in June 2017. Loss after tax is N93.9 million in June 2018 compared to 98.3 million in June 2017.
Recall that in June 2018, the company reached an agreement with the Assets Management Company of Nigeria (AMCON) on a loan restructuring plan for the company. This was made known at the company’s Annual General Meeting (AGM) which was held in Lagos.
Meyer Plc, formerly DN Meyer Plc, was incorporated in Nigeria in 1960.
Meyer Plc was listed on the Nigerian Stock Exchange (NSE) in 1979. For nearly sixty years, it has been manufacturing and marketing wide-ranging, high quality industrial/marine paints, road lining paints, architectural paints, wood paints, roof lining paints, tube coatings, adhesives, etc.
In the past 56 years, Meyer Plc has undergone a series of corporate changes and rebranding. Formerly an offshoot of Hagemeyer Nigeria Limited, its name was rebranded to Meyer Paints in 1994, following Dunlop Nigeria’s acquisition of majority shares in the parent company. By 2003, Dunlop Nigeria Plc had divested its majority shares in the parent company, meaning that Meyer Paints ceased to be its subsidiary. Its current name, Meyer Plc, came to being in 2010 after a new set of core investors led by Citiprops Limited acquired controlling shares in the company.