Julius Berger Nigeria Plc has announced a Closed Period which would start from today through to January 31st, even as Stanbic IBTC Holdings Plc’ Closed Period, which began on December 1st last year, is to continue until the company’s financial statement is released.
According to separate press statements issued by both companies to the Nigerian Stock Exchange, Julius Berger’s Board Audit Commit members will meet on January 30th “to consider results for the Fourth Quarter ended December 31st, 2018”, even as Board Members of Stanbic IBTC Holdings Plc will meet on the same day for the same purpose.
In light of the foregoing, Julius Berger Nigeria Plc advises all concerned stakeholders to not participate in any form of trading of the company’s securities. Stanbic IBTC Holdings Plc wants its stakeholders to heed same advice.
“This closed period is still ongoing particularly with respect to embargoed persons as contained in the Company’s Personal Account Trading Policy.
Pursuant to the above and in accordance with the provisions of Section 1.2 of the Rules of the Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Thursday 31 January 2019 at 10:00am. The meeting will discuss amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the year ended 31 December 2018.” – Stanbic IBTC
Both companies are expected to report better results compared to 2017
Judging by the third quarter 2018 unaudited financial statements released by both companies, it is safe to assume that their overall performance for 2018 will be better than that of 2017.
Julius Berger Nigeria Plc reported a gross earning of N118.4 billion in Q3 2018, compared to ₦105.4 billion for the same period in 2017. In terms of profit, the company’s PAT for Q3 2018 stands at ₦3.4 billion compared to ₦2.5 billion in 2017.
Similarly, Stanbic IBTC Holdings Plc reported ₦168.8 billion in gross earnings for Q3 2018 compared to ₦154.2 billion for the same period in 2017. Profit wise, the Group reported ₦59.7 million in PAT for Q3 2018 as against ₦37.6 million in Q3 2017.
Brief Overviews of the companies
Julius Berger Nigeria Plc is a leading construction company which was incorporated January 17th, 1970 and listed on the NSE in 1991. It has a market capitalisation of ₦37.4 billion, and its stock is currently trading at ₦28.4 according to the NSE.
Stanbic IBTC Holdings Plc, on the other hand, is a financial services provider which was incorporated on March 14, 2012 and listed on the Nigerian bourse in November of the same year. The company’s market capitalisation is ₦486.4 billion, and its stock is currently trading at ₦47.5.
Flour Mills moves to diversify funding sources with N29.8 billion bond listing
Flour Mills Nigeria Plc lists N29.8 billion bonds to diversify funding sources from the Nigerian capital market.
Flour Mills Nigeria Plc’s fresh N29.8 bond listing will help the nation’s leading food business company to explore diversified funding sources from the Nigerian capital market, with the hope of enhancing growth and the development of the company.
This statement was made by the Group Managing Director of FMN, Mr. Omoboyede Olusanya, at the listing of the Tranche A and Tranche B bonds valued at N29.8 billion on the Nigerian Stock Exchange (NSE).
The food and the agro-allied company which has remained Nigeria’s largest and oldest integrated agro-allied business with a broad profile and robust Pan-Africa distribution issued these bonds under its N70 billion Bond Issuance Programme.
Olusanya said that the company would continue to explore funding opportunities inherent in the capital market to ensure business growth and continuity.
While speaking about the Credit Rating of the Programme, he disclosed that FMN’s credit rating, as well as the operational financing of the Group, have improved considerably.
According to him, the bonds floated by Flour Mill will help to strengthen the company’s capital base and provide the needed working capital required by the Company. He added that Flour Mills Group will continue to deleverage and replace short term financing with longer-tenured and lower price funding to optimize capital structure and reduce financing cost.
He noted that Flour Mills will continue to explore opportunities to raise fundings via the capital market as this enables the company to diversify its funding sources and continue to play a role in the capital market as a significant player in it.
What they are saying
The Group Managing Director of FMN, Mr. Omoboyede Olusanya, at the virtual event, said;
- “We are delighted with the response from the market, we are happy to be listed.
- “We are introducing an N29.9 billion listing under an N70 billion bond issuance cover; we will continue to raise funding to diversify our funding sources.
- “The company remains passionate about feeding the nation to improve the quality of living for Nigerians through increased production and investments in backward integration.”
What you should know
- With the successful issuance of the new N29.8bn Tranche A and Bonds, FMN has utilized its bond issuance program registered in 2018.
- It is important to note that the Senior Unsecured bond listing includes an N4.89bn under Series 4 Tranche A of the bond issuance programme, at a 5.5% rate for 5 years, due by 2025, and a 25bn under Series 4 Tranche B of the same program at a 6.25% rate for a tenure of 7 years, due by 2027.
- The bond proceeds will be used to refinance existing debt obligations. It will also help the company take collaborative actions to diversify the company’s financing options beyond expensive short term debt.
COVID-19: Evidence suggests that new variants could pose challenge for vaccines
The research findings show that the new COVID variants may likely not respond well to the vaccines.
Recent research findings suggest that the new coronavirus variants would likely pose a big challenge for the vaccines, as revealed by studies by several medical researchers.
The new variant was first discovered in South Africa in October but has now been spread to more than a dozen countries all over the world.
According to the most recent findings, as reported by CNN, researchers took antibodies from six people who were hospitalized with Covid-19 before the new variant was discovered. They found to varying degrees, that the antibodies for all six of the survivors were unable to fully fight off the virus.
According to Alex Sigal, a virologist at the Africa Health Research Institute and the Max Planck Institute for Infection Biology, “I think the evidence is building that these mutations — and I think other mutations — will emerge across the globe — and are emerging already — that are escaping antibodies from previous infection. It’s concerning.”
According to Jesse Bloom, a virologist at the Fred Hutchinson Cancer Research Center, “When you see two groups independently arriving at same basic answer, that good — there’s more consonance that they are correct”
What you should know
- Sigal’s findings were very similar to those of a recent study by the National Institute for Communicable Diseases in South Africa.
- A research study has revealed that mutations in the new variant allowed them to evade some of the immunity induced by vaccination, but it was far from a complete escape.
- One thing that is critically safe for everyone is to get vaccinated, while the researchers are working to confirm whether these variants are dangerous or not to contain with the vaccines.
- According to Alex Sigal, “I would for sure get it if I could. My father-in-law had the opportunity to fly to Israel and get it, and I was shooing him out of the house because you can’t get it here in South Africa.”
- In a research study done at Rockefeller University, from a sample of 20 people who had received either the Moderna or the Pfizer vaccine, it was found that different mutations in the viruses did allow some escape from some types of antibodies, but the volunteers’ immune systems threw an army of different types of antibodies at the viruses.
- According to the research conducted in South Africa, blood was drawn from 44 people who had Covid-19 but the antibodies of about half of the 44 people were powerless against the new variant, while the other half, their antibody responses were weakened, but not totally knocked out.
Facebook Oversight Board to review decision to suspend Trump’s account
The decision to suspend Donald Trump’s Facebook and Instagram accounts will be examined by an oversight board.
Facebook’s Oversight Board has received a proposal to revisit the decision to indefinitely suspend former US President, Donald Trump’s access to Facebook and Instagram.
On January 7, Facebook suspended Trump’s account indefinitely, a decision reached when he incited a violent mob that stormed the U.S. Capitol, leaving the country shaken.
Nick Clegg, Facebook VP of Global Affairs and Communications said that the circumstances around Trump’s suspension was an unprecedented set of events that called for unprecedented action and also explained why the Oversight Board would review the case.
“Our decision to suspend then-President Trump’s access was taken in extraordinary circumstances: A U.S. president actively fomenting a violent insurrection designed to thwart the peaceful transition of power; five people killed; legislators fleeing the seat of democracy,” Clegg said. “This has never happened before — and we hope it will never happen again.”
The oversight board was established last year to make the final call on some of the most difficult content decisions Facebook makes. It is an independent body and its decisions are binding — they can’t be overruled by CEO Mark Zuckerberg or anyone else at Facebook. The board itself is made up of experts and civic leaders from around the world with a wide range of backgrounds and perspectives.
According to the Oversight Board, a five-member panel will evaluate the case soon with a decision planned within 90 days. Members will decide whether the content involved in this case violated Facebook’s Community Standards and values. They will also consider whether Facebook’s removal of the content respected international human rights standards, including freedom of expression.
Trump’s case is a big moment for how impactful the board’s decisions will really wind up being. If the board overturns Facebook’s decision, that decision would likely kick up a new firestorm of interest around Trump’s Facebook account, even as the former president recedes from the public eye.
What you should know
- Following the violent attack of the US Capitol building by Trump supporters, Facebook announced the suspension of Trump’s account indefinitely, on allegations of inciting his supporters.
- YouTube also suspended Trump’s channel and removed new content uploaded by Trump’s campaign, citing potential threats of violence.
- Twitter announced it has permanently suspended Trump, citing the risk of further incitement of violence.
- Jack Dorsey, the CEO and founder of Twitter, in his statement, said that the decision to ban Trump from the social network was the right decision, but one that sets a dangerous precedent.