Tower Alloys Industries has acquired a majority stake in Aluminum Extrusion Industries Plc, amounting to 67.55% of the Company’s issued share capital.
This was contained in the company’s notice to the Nigerian Exchange Limited seen by Nairametrics.
The acquisition followed changes to the Shareholding of Aluminum Extrusion Industries Plc.
In a statement signed by DCSL Corporate Services Ltd Company Secretaries, the company said:
- “This is to inform the public and our stakeholders that Aluminum Extrusion Industries Plc received a notification from the majority shareholder, Tower Aluminum Nigeria Plc (In Receivership) that Tower Alloys Industries Limited has acquired the shares previously held by Tower Aluminum Nigeria Plc in the Company and thus has become the beneficial owner of 148,586,381 shares of the Company”.
The company noted that based on the foregoing, Tower Alloys Industries Limited now holds 148,586,921 shares amounting to 67.55% of the Company’s issued share capital and is now the majority shareholder in the Company.
Aluminum Extrusion Industries Plc reported earnings results for the third quarter ended September 30, 2023.
More insight
For the third quarter, the company reported sales was N463.32 million compared to N673.99 million a year ago. Net loss was N125.49 million compared to net income of N3.26 million a year ago.
Aluminum Extrusion Industries Plc recently announced the appointment of Chief Dr Jinesh Chandra Dugad and Mr Rakesh Shah as Non-Executive Directors of the company.
This was contained in the company’s notification of Changes to the Board of Directors to the Nigerian Exchange Limited obtained by Nairametrics.
According to the statement signed by DCSL Corporate Services Limited, the Company’s Secretary, Chief Dr. Jinesh Chandra Dugad was appointed as a Non-Executive Director on 20 September 2023
His appointment will be ratified at the next Annual General Meeting of the Company.
