Connect with us
Gage

Business News

UPDC seeks approval to list N15.96 billion worth rights issue 

UPDC has submitted an application to the NSE for the approval and listing of a Rights Issue of 15,961, 563, 260 ordinary shares.

Published

on

UPDC seeks approval to list N15.96 billion rights issue 

UACN Property Development Company Plc (UPDC) has through its Stockbroker, Stanbic IBTC Stockbrokers Limited, submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of N15.96 billion.

The rights issue is of Fifteen Billion, Nine Hundred and Sixty One Million, Five Hundred and Sixty-Three Thousand, Two Hundred and Sixty (15,961, 563, 260) ordinary shares of Fifty Kobo (N0.50) each at One Naira (N1.00) per share, on the basis of forty-three (43) new ordinary shares for every seven (7) ordinary shares held.

[READ MORE: Wapic Insurance seeks NSE’s approval to list 15.6 billion rights issue]

In a notification sent to dealing members of the stock market, the NSE disclosed that the Qualification Date for the rights issue was scheduled for Monday, September 30, 2019. 

Possible reasons: The proposed rights issue is believed to be raised as a means of repaying UPDC’s short term debt obligations.  

Specta

It is of common knowledge that a rights issue is a way for companies to raise capital. In this regard, capital is raised when investors pay for the new shares that are being issued.  

Prior to this development, UAC Nigeria announced to spin off its shareholding in UPDC to its shareholders. Figures from UPDC’s FY 2018 results, however, show that UAC holds 64.16% or 1.6 billion of the 2.5 billion outstanding shares. 

What you should know: UPDC has been on the losing side for several years, despite efforts to turn it around.   

Deal book 300 x 250

Results for the half-year ended June 2019 show that the firm recorded a N1.2 billion loss. 2018 audited results show that the firm recorded a N15 billion loss. Auditors had expressed concern over the status of the firm.   

Coronation ads

[READ ALSO: International Breweries seeks capital raise through rights issue]

The company has been losing despite the fact that it raised N5 billion through a rights issue in 2017 largely to deleverage its balance sheet. Parent company UAC, in 2017, also had to raise funds through a rights issue, with part of the proceeds used to take up its shares in the UPDC fundraise. 

 

 

Coronation ads

Stanbic IBTC

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

1 Comment

1 Comment

  1. Samina Tejani

    September 30, 2019 at 5:48 pm

    Pls. Unsubscribe

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

First cargo of Nigeria’s newest crude grade, Ayala, to arrive Europe

The first export cargo of Nigeria’s newest crude grade, Anyala, is reported to be on its way to Northwest Europe.

Published

on

Oil tanker volumes dropped by 18.6% Year-Over-Year in July - Lloyd’s List Intelligence, First cargo of Nigeria’s newest crude grade, Ayala, to arrive Europe

The first export cargo of Nigeria’s newest crude grade, Anyala, is reported to be on its way to Northwest Europe.

According to a report from S&P Global Platts, while quoting trading and shipping sources, the cargo is likely to travel from Fos-sur-Mer to the Cressier refinery in Switzerland through the SPSE pipeline.

It reported that Data Intelligence firm, Kpler, said the Aframax Minerva Clara loaded a 700,000 barrel stem of Anyala crude from the Abigail-Joseph floating production, storage, and offloading vessel on January 10 with the tanker on its way to the Fos-sur-Mer terminal, located at France’s Mediterranean port of Marseille.

The report also said that trading house Vitol had chartered this tanker, as it has a stake in indigenous producer FIRST E&P, which is the operator of the Anyala West oil fields, located in the shallow waters of the Niger Delta.

This is as a market source said the cargo is likely to travel from Fos-sur-Mer to the 68,000 b/d Cressier refinery in Switzerland, which is operated by Varo Energy, through the SPSE pipeline.

Specta

Varo Energy is a joint venture between Vitol, private equity fund, the Carlyle Group, and private investment fund Reggeborgh.

What you should know

  • The new crude is from Nigeria’s shallow-water Anyala West oil fields in the Niger Delta, which struck first oil in November. Anyala is the country’s newest oil development since the start-up of the giant Egina field in late-2018.
  • Anyala has been labeled a medium sweet crude grade, similar in quality to Nigeria’s flagship crude Bonny Light and when refined, Anyala will produce a high yield of middle distillates, making it attractive to both simple and complex refineries.
  • It is also reported that a second cargo will load in March, with some Asian refiners already showing buying interest.

Continue Reading

Around the World

Donald Trump and Joe Biden clash over plans to lift travel ban on UK, EU, Brazil

Joe Biden’s incoming administration has dismissed plans by President Donald Trump to lift the coronavirus-related travel bans for non-American citizens.

Published

on

The incoming administration of President-elect Joe Biden has dismissed plans by the outgoing President, Donald Trump to lift the coronavirus-related travel bans for non-American citizens arriving from the European Union, the U.K. and Brazil, which means the curbs will stay in effect.

This follows the announcement from Trump in the White House on Monday that the bans could be lifted because of the administration’s last week’s decision to require international travellers to present either the results of a negative recent coronavirus test or evidence that they had already recovered from the disease. The change would go into effect starting Jan. 26, six days after Biden takes office.

However, the announcement by Donald Trump was rejected as Joe Biden’s Spokeswoman, Jen Psaki, in a tweet post, disclosed that the incoming administration plans to block the outgoing US President’s move according to a report from Bloomberg.

What Joe Biden’s spokeswoman is saying

  • Psaki in her statement, tweeted, “On the advice of our medical team, the Administration does not intend to lift these restrictions on 1/26. In fact, we plan to strengthen public health measures around international travel in order to further mitigate the spread of COVID-19.’

She said that with the worsening pandemic and more contagious variant emerging globally, this is not the time to be lifting restrictions on international travel.

What President Donald Trump has said

Trump, in a White House announcement, had pointed out that the international travel restrictions could be eased safely.

Specta
  • Trump in a proclamation said, “This action is the best way to continue protecting Americans from Covid-19 while enabling travel to resume safely. Under his plan, travel bans would remain in place for China and Iran, the White House said, citing their “lack of cooperation” with the U.S. in fighting the virus.’’

The recent decision by the Centers for Disease Control and Prevention to require a negative Covid-19 test for people arriving in the U.S. from other countries was not directly linked to the travel ban but was seen as a way to impose safety restrictions that would allow for a resumption of travel.

Despite the surge in Covid-19 infections, experts conclude that allowing people into this country from other nations wouldn’t pose a significant risk, especially with new testing requirements.

What you should know

  • It can be recalled that President Donald Trump had initially announced the restrictions on March 11 in the early days of the pandemic on nearly all non-US citizens who had travelled to 28 EU countries, China and Iran, as part of the bid to curb the spread of the virus.
  • Brazil was later included in the travel ban on May 25 and applies to any foreign nationals who had been in any of those nations within the previous 14 days.

Continue Reading

Corporate Press Releases

Tizeti rolls out high-speed 4G LTE in Edo with N4000/month broadband service

Tizeti is rolling out its 4G LTE network in Edo State, with monthly fixed broadband costs pegged at four thousand Naira ($8).

Published

on

As part of its commitment to ensuring access to affordable broadband connectivity in Africa’s underserved populations, Tizeti, West Africa’s pioneer solar-based internet service provider is rolling out its 4G LTE network in Edo State, with monthly fixed broadband costs pegged at four thousand Naira ($8). With this move, millions of people in Edo State previously outside the broadband envelope can now take advantage of high-speed broadband internet from Tizeti.

Announcing the rollout of its new low-cost unlimited 4G services in Edo, the Chief Executive Officer of Tizeti, Kendall Ananyi, said that this 4G broadband internet will empower more Nigerians in Edo State, stimulate economic activities and provide unlimited access to affordable and reliable broadband services as well as complement the Edo State Government’s efforts in driving investment promotion and building a robust technology ecosystem in the state.

“Rolling out 4G LTE broadband internet in Edo at the cheapest fixed broadband prices in Nigeria, and possibly Africa, is a strategic decision for us. We have been building brand-new, solar-powered, 4G-capable towers in Edo, starting with Benin City, which leverages Edo State’s expansive fiber-network built by some of our partners, MainOne and Facebook. Edo State has a large population of vibrant, young people and a high number of higher institutions, which provides a foundation for a robust and thriving ecosystem to enable digital leadership. And the Edo State Governor, Mr. Godwin Obaseki, is implementing reforms in investment promotion and determination to build a robust technology ecosystem in the state, with an agenda that prioritizes Information Communication Technology (ICT)-compliant pedagogy in primary schools, improves digital skills for students and graduates and revamps technical education to increase productivity. This has created a perfect environment for us to roll out our low-cost broadband service, starting in Edo State, but with plans to expand across the country over the next few months,” Ananyi said.

Corroborating Ananyi, Tizeti’s Chief Operating Officer, Ifeanyi Okonkwo, states, “The launch in Edo State is personal to us as founders of Tizeti because we are alumni of the University of Benin. At 4,000 Naira monthly costs with a one-off installation cost of 4,000 Naira, we believe the plan is affordable, especially to undergraduate students. This provides a huge opportunity for people in Edo to benefit from unlimited broadband internet for use in online learning, eCommerce and entertainment, especially interactive games, video consumption, and music”.

Interested users in  Edo State can pre-sign up at https://wifi.com.ng/edostate/; installations are expected to commence in Benin City on April 1st, 2021.

Specta

For many countries in Africa, there is still a huge digital divide. This boundary between connected and unconnected translates into clear consequences for employment, education, family and social life, and access to information. According to the World Wide Web Foundation, ensuring fast internet in Africa will enable billions more to come online, and to take advantage of the life-changing socio-economic opportunities that access to the Internet provides. Companies like Tizeti are playing a significant role in addressing the digital infrastructure deficits in Africa with innovative technology and capabilities, to improve development outcomes for millions of people.

Tizeti currently has 1.7 million unique users, with broadband services which include a new Skype-like personal and business enterprise communications service — WiFiCall.ng, and access to video streaming sites and services.

About Tizeti

Tizeti is a fast-growing Wireless Internet service provider in Lagos, Nigeria, delivering high-speed unlimited Wi-Fi Internet access to residential and business customers using wide-area Wi-Fi. Its services are available in Lagos, Ogun, and Rivers State. It is also expanding rapidly to other African countries as it has been successfully launched in Accra and Tema, Ghana.

Coronation ads
Continue Reading
Advertisement




Advertisement