In order to enhance its business expansion and boost profitability to the delights of its shareholders and investors, Cutix Plc has announced plans to acquire Adswitch, a related electrical switch-gears company that was delisted on the Nigerian Stock Exchange (NSE) about 3 years ago.
The Board and Management of Cutix, have put a special resolution on the acquisition in place, and at the same time look forward to seeking the approval of shareholders at the forthcoming Annual General Meeting (AGM), scheduled to hold on Friday, October 25, 2019.
The shareholders’ approval will enable the company (Cutix) enter into any agreements and execute any other documents necessary for and incidental to effecting the resolution on acquisition of Adswitch.
Prior to now, Cutix had invested about N300 million on a new extension of its factory as part of efforts to increase its installed production capacity. The new investment is also expected to leverage the cables-manufacturing company’s ability to compete in the cables industry.
What you should know: In what was blamed on the harsh operating environment in Nigeria, Adswitch voluntarily delisted from the NSE. The company, which was listed as a second-tier stock in 1991, was said to have delisted as a result of the operational challenges its experienced due to influx of fake and substandard products and uncompetitive manufacturing costs in Nigeria as well as the costs and requirements of maintaining the listing.
About the company: Incorporated in 1982, Cutix Plc is a Nnewi-based cable manufacturing company which was established in 1982. The company manufactures and distributes various kinds of cables such as electrical wires, telecommunication wires, to automobile wires. Some typical examples of the company’s wide range of products are insulated copper conductors, PVC insulated, and sheathed flat twin/three-core copper cables. Others are low tension bare aluminium conductors and reinforced aluminium conductor steel wires.
Cutix also manufactures bare stranded copper conductors as well as bare copper conductors which are used for earthing electrical installations and the production of copper cables.