Beta Glass has acknowledged receipt of a $30 million investment to boost its furnace plant situated in Agbara, Ogun State.
This was disclosed by the firm in a notification to the Nigerian Stock Exchange.
The firm also noted that the money would be utilized in its expansion plans scheduled for completion by June 2020.
Production capacity: The new investment received by the firm would increase the plant’s annual capacity by 35,000 tonnes as well as pioneer the use of the Narrow Neck Press and Blow (NNPB) Technology in West Africa, enabling the company to produce lightweight non-returnable glass bottles into the Nigeria market for the first time.
Improved lifespan: The new furnace will last beyond 12 years and is expected to replace the existing furnace that will stop being effective from next year.
- The furnace also includes an additional production line as an improvement to the existing production lines.
- A latest quality inspection equipment has also been added to enhance furnace operational efficiency.
- The new advanced furnace will help to reposition Beta Glass as a leading supplier of glass bottles and complementary packaging products in West Africa.
Chairman of Beta Glass Plc, Otunba Abimbola Ogunbanjo commented on the new development, stating that the new furnace would help in the production of world-class glass product in Nigeria.
“The new furnace will enable us to leverage the latest technology and our technical expertise to make world-class glass packaging products in Nigeria, whilst promoting sustainability and improving our environmental footprint. This investment will enable growth and create long-term value for both our shareholders and society,” Ogunbajo said.
Managing Director of Beta Glass Plc, Darren Bennett-Voci could not hide his excitement about the project, as he noted that the expansion would yield more jobs for the teeming youthful population.
“We are delighted by the progress we have made so far on the expansion project. Our investment in this state-of-the-art facility reaffirms our deep faith in Nigeria and the high growth potential of West Africa. The new furnace will significantly enhance our ability to meet the growing demand for glass bottles and jars in Nigeria and across West Africa, as well as create a number of new jobs, both direct and indirect. I would like to thank our stakeholders for invaluable support since the inception of the project.”
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About Beta Glass Plc: Beta Glass Plc is engaged in manufacturing and selling of glassware. The Company manufactures, distributes and sells glass bottles and containers for the soft drinks, wine and spirit, pharmaceutical and cosmetics companies.
The Company has manufacturing plants in Agbara, Ogun state and in Ughelli, Delta state. It exports its products to over 13 countries, including Angola, Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Rwanda, Sierra Leone and Togo. The Company is a subsidiary of Frigoglass Industries Nigeria Limited.
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
The CBN has expanded access to mortgage financing by removing restrictions on refinancing mortgages earlier imposed.
The Central Bank of Nigeria (CBN), has granted approval to Mortgage Refinancing Companies (MRC), to re-finance non-member banks.
This is contained in a circular referenced FPR/DIR/GEN/CIR/07/056 and signed by Ibrahim Tukur, the Director of Financial Policy and Regulation Department, CBN.
The circular improved on the earlier provisions contained in section 22.214.171.124 which states that “A mortgage refinance company (MRC) shall not, without the prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.”
What this means
Based on the provisions contained in the latest circular, MRCs are now free and legally permitted to refinance the qualifying mortgages of banks and all other non-members ( that do not hold equity), subject to meeting all other relevant requirements specified in the framework.
In a nutshell, the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.
Why this matters
Prior to the provisions contained in the latest circular, CBN had expressed fears that provisions of section 126.96.36.199 negatively impacts the mortgages sub-sector, as it constrains the MRCS from refinancing the mortgages of non-shareholder banks. Therefore, the new order will help to remove the restrictions already highlighted.
In lieu of this, the latest circular stated that the provision of section 7.3.1 5 is hereby revised to “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.
What you should know
Key highlights from 2020 (9months) results
- Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
- Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
- Other income increased to N12.81 million, +27.43% YoY.
- No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
- Gross profit increased to N8.96 billion, +74.56% YoY.
- Operating profit increased to N3.64 billion +18.60% YoY.
- Pre-tax profits increased to N3.47 billion, +16.63% YoY.
- Post-tax profits increased to N2.29 billion, +13.27% YoY.
- Earnings Per Share increased to 115 kobo, +12.75% YoY
- Total assets increased to N44.36 billion, +45.79% YoY.
- Total liabilities increased to N32.04 billion, +67.21% YoY.
- Total equity increased to N12.32 billion, +9.35% YoY.
Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.
Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.
Instagram disables its “Recent” feature
Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful November election.
- The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
- Serving as a means of information and tool to people in the US on the electoral process
- The ban of any content that can thwart the success of the election.
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Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”
Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.