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Business News

AIICO Insurance maintains upswing as ASI drops 0.03%

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Nigerian Stock Exchange

The Nigerian Stock Exchange ended the first trading day in September on a bearish note. The All Share Index closed at 0.03%. Year to date, the index is down 8.91%.

Top Gainers and Losers 

Hallmark Insurance Plc led the top gainers as the stock appreciated by 105 to close at N0.90. Continental Reinsurance rounds up the top 3 gainers with a 9.49% gain to close at N1.50.

On the flip side, Jaiz Bank led the losers in today’s trading. The stock closed at N0.45, down 10%. Flour Mills of Nigeria Plc was next closing at N21.95, down 9.67%. Transcorp Plc rounds up the top 3 losers, closing at N1.16 down 7.94%

Top Trades by Volume  

Nigerian Breweries was the highest traded stock by volume. 19.1 million shares valued at N1.8 billion were traded in 94 deals. Stanbic IBTC was next with 11.8 million shares valued at N556 million traded in 46 deals. AIICO Insurance Plc rounds up the top 3 most traded by volume with 11.2 million shares valued at N10 million traded in 94 deals.

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Corporate Actions

Redstar Express Plc 

The following resolutions were agreed and passed during the company’s AGM held on August 30, 2018.

  • The audited financial statements for the year ended March 2018 and the report of the directors and audit committee.
  • Payment of a dividend of 40 kobo per share
  • The appointment of Suleiman Baru and Mrs. Chioma Sideso as Non-Executive Directors
  • The reelection of Alhaji Aminu Dangana as a Non-Executive Director
  • That the Directors are authorized to fix the remuneration of the auditors.
  • The reelection of Chief Cyril Ifeanyichukwu, Alhaji Kolawole Ganiyu Alao, and Ogundeji Moses Ayodele as shareholders representatives of the Audit Committee.
  • That the directors’ fees for the period ending March 31, 2019, be fixed at N6,375,000

Meyer Plc

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Meyer Plc announced the resignation of its Managing Director Adeola Omosoebi effective 25th of August 2018.

 

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Energy

TCN restores collapsed electricity grid

TCN has now restored the electricity grid system which collapsed across the country over the past weekend.

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TCN MD Abdulaziz, four other directors receive appointment letters

The Transmission Company of Nigeria (TCN) has restored the collapsed electricity grid system across the country.

This was disclosed by the Acting Managing Director of TCN, Mr Sule Abdulaziz, during a media briefing on Wednesday.

According to the TCN boss, the system which collapsed on Sunday evening was restored within 40 minutes of the incident.

He said, “The company immediately went into action and stabilised the system in Abuja, before other parts of the country. There is nothing strange but it is normal for a system to collapse and that can happen in any country of the world.

“Since I came on board, we never had any system collapse and this one that happened on Sunday was restored immediately which is the fastest system collapse recovery. We are guarding the grid, we don’t want the system collapse to happen, but when it happens, the most important thing is what was done and how it was done to restore the system.”

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What you need to know

Three days ago, Nairametrics reported that the recent power blackout in the country was due to multiple trippings.

General Manager, Public Affairs, TCN, Ndidi Mbah, who made the announcement through a statement said the company had started the process of restoration to the national grid.

Mbah pointed out that the places that power is yet to be restored were Calabar, Makurdi, Jos, Gombe, Yola, Ugwuaji and Maiduguri axis.

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She stated, “The Transmission Company of Nigeria (TCN) regrets to inform electricity consumers nationwide that at 11:25 am today, the nation’s electricity grid experienced multiple trippings, which led to the collapse of the system.’

“TCN has since commenced grid restoration; power has been successfully restored to every part of the country, except Calabar, Ugwuaji, Markurdi, Jos, Gombe, Yola, and Maiduguri axes. The effort is however ongoing to ensure full restoration nationwide.”

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Energy

N250bn to be spent to fund compressed Natural Gas infrastructure

The CBN is to make available the sum of N250 billion to fund Compressed Natural Gas infrastructure.

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The Central Bank of Nigeria (CBN) is poised to make available the sum of N250 billion to fund Compressed Natural Gas infrastructure.

This move is in a bid to expand gas use and cut reliance on imported fuel, as the government looks forward to offering free conversion to enable some cars run on gas.

It is expected that by 2021, about 1 million cars would have been converted from PMS to Autogas for free.

The National Gas Expansion Programme (NGEP) launched by President Muhammadu Buhari, is part of the country’s effort to free itself of costly gasoline subsidies and conserve the hard-earned foreign reserves from petroleum product imports, making it imperative to focus on gas as an alternative fuel.

(READ MORE: Nigeria to import petroleum products from Niger Republic, sign MoU on transportation, storage)

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What they are saying

According to the Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari,

“Select NNPC stations across the country will offer free conversion of ‘some cars’ to enable them to run on liquefied petroleum gas (LPG) or compressed natural gas (CNG). There are currently 80 locations in the country capable of fuelling the vehicles.”

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Bottom line

This is a welcome development as it is cleaner, safer, and affordable to run the cars on gas.

It would also, to a large extent, conserve the foreign reserves being depleted from huge petroleum product imports, as well as offer millions of job opportunities.

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Companies

ABC Transport to raise N1.4 billion through rights issue

ABC Transport Plc has secured the approval of its shareholders to raise additional capital through a rights issue.

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The Board of Directors of ABC Transport Plc has secured the approval of its shareholders to raise additional capital through a rights issue from existing shareholders.

This disclosure was made by the board of ABC Transport in a notification issued by the Company’s Secretary, Onyekachukwu C. Chigbo, after announcing shareholders’ resolutions at its 27th Annual General Meeting (AGM), held on Friday 27th November 2020.

According to the information contained in the notification, the rights issue is N1.4billion, which could be raised via the issuance of shares and debt securities as determined by the Directors of the firm.

However, the rights issue is subject to the approval of regulatory authorities.

What this means

A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. This type of issue gives existing shareholders the “rights” to purchase new shares at a discount to the market price on a stated future date.

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However, shareholders are not obligated to exercise this right.

In this regard, the company may decide to use the additional capital raised from these offerings to existing shareholders to acquire assets, make a take-over, repay debts or save itself from bankruptcy.

This is expected to strengthen the company’s balance sheet, free up capital for the management to execute revenue, and profit optimizing projects, plans, and strategies.

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What you should know

  • It is important to know that the board decided to raise additional capital after it had secured shareholders’ approval to increase the company’s authorized share capital from N1billion to N2.5billion by the creation of 3billion additional shares of 50 kobo each, ranking pari-passu in all respects with the existing shares in the Company’s equity.
  • In this regard, clause 6 of the Company’s Memorandum of Association and clause 5 of the Articles of Association respectively, will be amended to reflect the increase in the Authorized Share Capital.
  • This amendment will be done by deleting the words, “the authorized Share Capital of the Company is N1billion divided into 2billion ordinary shares of 50 kobo each,” and substituting therewith the words “the authorized Share Capital of the Company is N2.5billion divided into 5billion ordinary shares of 50 kobo each.”

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