Economy
Shareholders Authorise Notore Chemical to Raise N30bn
By Dipo Olowookere
The board of Notore Chemical Industries Plc has been authorised to raise up to N30 billion through a rights issue or any other means.
This approval was given to the board of directors at the Annual General Meeting (AGM) of the company held in Lagos last week.
The authorisation of the fresh capital raising was one of the activities carried out during the shareholders’ gathering held by proxy on Monday, August 17, 2020.
The investors specifically said the board could source for the said amount “by way of a public offering, special placement, rights issue or any other method(s) or combination of methods as the board may deem fit.”
In addition, they said the board could get the funds “through the issuance of shares, convertible or non-convertible securities, loan notes, bonds and/or any other instruments, whether as a standalone transaction or under a programme and in such tranches and on such terms and conditions, including a book building or other process, as may be determined by the board of directors.”
The shareholders also said the board can “apply any outstanding convertible loan, shareholder loan or loan facility due to any person from the company towards the payment for any shares subscribed for by such person under the capital raise.”
But the shareholders said “in the event that the company raises the additional capital by way of a rights issue, any shares not taken up by the existing shareholders within the stipulated period, be determined and offered to interested shareholders of the company and where the rights issue is underwritten, the shareholders also waive their pre-emptive rights to enable the Underwriter(s) take up any unsubscribed shares.”
Another decision taken by the shareholders at the AGM held by proxy was approval to increase the authorized share capital of the company from N1 billion to N2 billion “by the creation and addition thereto of two billion ordinary shares of 50 kobo each, which will rank pari pasu in all respects with the existing shares in the capital of the company.”
The investors also approved the amendment of Clause 6 of the company’s Memorandum of Association to reflect the new authorised share capital of the company of N2 billion divided into 4 billion ordinary shares of 50 kobo each.
By Dipo Olowookere
A total of 1.854 billion shares worth N56.025 billion were transacted in 51,386 deals at the Nigerian Exchange (NGX) Limited last week compared with the 1.525 billion shares valued at N43.006 billion traded a week earlier in 51,156 deals.
The market was opened for business in the week for four days because of the public holiday observed last Monday for Easter.
In the week, the financial services sector led the activity chart with 1.266 billion stocks valued at N29.400 billion exchanged in 24,351 deals, contributing 68.28 per cent and 52.48 per cent to the total trading volume and value, respectively.
The ICT industry followed with 136.707 million stocks worth N12.472 billion in 2,974 deals, and the consumer goods space traded 118.617 million equities for N4.415 billion in 5,869 deals.
The trio of Fidelity Bank, Access Holdings, and GTCO accounted for 797.873 million shares worth N22.043 billion in 8,618 deals, contributing 43.03 per cent and 39.34 per cent to the total trading volume and value, respectively.
Business Post reports that 64 equities appreciated in the four-day trading week versus 31 equities in the previous week, 27 equities depreciated versus 44 equities in the previous week, and 57 equities remained unchanged versus 72 equities recorded in the previous week.
International Breweries topped the gainers’ log with a 40 per cent rise to settle at N7.70, NASCON appreciated by 26.22 per cent to N52.95, Africa Prudential expanded by 25.64 per cent to N17.15, Vitafoam Nigeria rose by 21.22 per cent to N44.85, and Ikeja Hotel jumped by 21.00 per cent to N12.10.
On the flip side, VFD Group topped the losers’ chart with a decline of 82.19 per cent to trade at N17.10, John Holt lost 18.60 per cent to finish at N6.30, Dangote Cement shed 10.00 per cent to close at N432.00, Tripple Gee crashed by 10.00 per cent to N1.98, and Haldane McCall depreciated by 9.96 per cent to N4.70.
The All-Share Index (ASI) and the market capitalisation appreciated by 1.46 per cent and 1.47 per cent each to close at 105,752.61 points and N66.465 trillion, respectively.
Similarly, all other indices finished higher apart from the premium, energy, industrial goods, growth and sovereign bond indices, which depreciated by 0.43 per cent, 0.07 per cent, 3.44 per cent, 0.41 per cent and 0.06 per cent, respectively.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.
The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.
Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive.
This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.
A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.
Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.
The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.
The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.
By Dipo Olowookere
The need to make the Nigerian stock market more attractive to retail investors has again been emphasised by a business enthusiast and food expert.
The chief executive of UAC Foods, Mr Oluyemi Oloyede, said efforts must be made by the regulators to ensure the man on the street understands the stock exchange and the capital market like the back of his hand.
In a post on Sunday, Mr Oloyede specifically gave this task to the Nigerian Exchange (NGX) Limited, noting that it should educate Nigerians on how to trade equities so as to make the space robust, which he insinuated would be good for the economy.
This, he said, can be achieved through an intensive investor education to further improve confidence in the market.
“The Nigerian stock exchange needs to bring the market to the streets, to social media, to the commonplaces where Nigerians can understand what the market is about and break down big concepts to simple, everyday languages. People are putting hard earned money in wrong places,” he said in the post yesterday.
The NGX has been churning out some activities to carry retail investors along, including organising workshops to explain how the market works.
It also recently introduced a cutting-edge web application known as NGX Invest, which is designed to transform the primary market equity capital-raising process, specifically public offers and rights issues.
This online capital-raising platform has been approved by the Securities Exchange Commission (SEC) and was introduced in line with NGX Group’s commitment to market development.
The platform was created to boost retail participation in the capital market, promote financial inclusion and further deepen the pool of available capital in the market by enhancing its capabilities to fulfil the needs of Issuers and other market stakeholders.
Last year, the NGX released a new edition of a unique comic book, StockTown, designed to promote financial literacy among the younger generation of Nigerians.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN