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Corporate Actions: Revivals and a Merger

Onome Ohwovoriole by Onome Ohwovoriole
February 24, 2019
in Markets, Spotlight, Stock Market
Corporate Actions | Nairametrics
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Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.  

Examples of corporate actions include the release of quarterly and full year results,  payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.  

Here is a review of corporate actions that took place last week, and those taking place this week.

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Corporate Actions for last week 

Results released  

Zenith Bank released its results for the 2018 financial year. Though gross earnings dipped, profit after tax rose from N173 billion in 2017 to N193 billion in 2018. The bank also declared a final dividend of N2.50 per share, bringing total dividend payment to N2.80.  

United Capital, a financial services group, also released its results for the 2018 financial year. Topline and bottom-line were flat, in line with Q3 2018 results. The company also reduced its dividend pay out to N0.30 per share, N0.05 lower than the N0.35 paid for the 2017 financial year. 

Afromedia also continued with the release of its outstanding results, the most current being the nine months ended September 30, 2018. The firm remains mired in losses.  

Nigerian Enamelware Company released its 9M 2018/2019 results. While revenue dipped slightly, the company recorded a slight profit, as against a loss in the preceding year.  

Access Bank to issue green bond 

This week, Access Bank commenced a book building process for a N15 billion green bond. The bond will be the first issued by a corporate body in Africa. Proceeds of the issue will be used to fund environmentally friendly projects.  

The book building process commenced on Thursday February 21, 2019 and will close on February, 28, 2019.  

A merger 

BOC Gas, in a notice to the NSE, stated that Linde Plc had become its indirect majority shareholder. Linde AG had merged with Praxair. Linde AG has an indirect holding in BOC Limited UK, which holds a 60% stake in BOC Gases Nigeria Plc. 

Resumptions loading 

In a notice sent to the Exchange last week, Golden Guinea Breweries Plc attributed the late filing of its 2018 quarterly results to the non-commencement of full operations. The brewery estimates that it will resume on or before the second quarter of 2019. 

 Omatek Ventures Plc announced the appointment of a new Managing Director, Yemi Ogundipe. Ogundipe replaces the company’s founding MD, Engineer Florence Seriki, who passed on in 2017.  

The company also stated that it was in discussions with the Bank of Industry pertaining to a property which the bank had appointed a receiver manager for.  

A $65 million credit line

Sterling Bank Plc announced it had obtained a $65 million credit facility from the Arab Bank for Economic Development in Africa (BADEA).

$15 million will go towards the financing of private sector projects, while $50 million will be devoted to financing Arab exports to African importers.

Corporate Action for next week 

Transcorp Plc has Thursday the 28th of February 2019, as the qualification date for its dividend. The company will be paying a dividend of N0.03 for the 2018 financial year.

 

 

 


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Tags: Access BankBOC GasesGolden Guinea Breweries PlcomatekOn the MoneySterling Bank PlcTranscorp plcUnited Capital PlcZenith Bank Plc
Onome Ohwovoriole

Onome Ohwovoriole

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 onome.ohwovoriole@nairametrics.com

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