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Business News

Cutix announces plan to acquire delisted Adswitch 

Cutix Plc has announced plans to acquire Adswitch, a related electrical switchgears company that was delisted on the Nigerian Stock Exchange (NSE) about 3 years ago. 

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Cutix

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. 

[READ ALSO: LASACO declares 5 kobo per 50 kobo share dividend]

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. 

[READ ALSO: Transcorp Hotels announces close period ahead of Q3 2019 results]

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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    Real Estate

    FG to unveil dedicated portal for sale of houses to Nigerians

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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    Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

    The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

    This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

    Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

    He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

    Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

    They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

    Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

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    Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

    He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

    My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

    He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

    Bottom line

    Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

    Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

    Jaiz bank

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    Coronavirus

    Covid-19: Nigeria committed to procuring 29 million J&J vaccines

    The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

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    AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

    The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

    This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

    What the Minister said

    “Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

    Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

    She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

    In case you missed it

    The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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