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    Friday, December 20, 2019

    Greif Nigeria Seeks Shareholders’ Consent to Delist from NSE

    Sequel to the Board Meeting of Greif Nigeria Plc (Greif or the Company) held on Thursday, 12th December 2019 at Greif Board Room, No. 1 Alapata Road, Apapa, Lagos at 11.00 a.m. the Company wishes to inform the Nigerian Stock Exchange (“The Exchange”) and its shareholders/investing public of the following resolutions passed at the meeting:

    (a)  Convening an Extraordinary General Meeting of the Company for Thursday, 23 January 2020 at the Company’s Office, No. 1 Alapata Road, Apapa, Lagos at 11.00 a.m. for the following purposes:


    1. “That the Company’s Land and Buildings known and designated as “Factory at No. 1 Alapata Road, Apapa, Lagos and Residence at No. 3/5 Barracks Road, Apapa, Lagos” be sold at a price and upon such terms and conditions negotiated and determined by the Board.”
    2. “That the Company’s shares be delisted from the Nigerian Stock Exchange.”
    3. “That the Board be and is hereby authorised to take such steps or actions and to do all things as may be necessary to give full effect to the above-mentioned resolutions.”


    (b)  commendation that the Register of Members and Transfer Books be closed from Monday, 23rd to Tuesday, 24th December 2019, both dates inclusive.

    The company had early in the year said it was suspending its operations for now in the country. According to the Chairman of the company, Mr Adedayo Olowoniyi, the company worked assiduously to prevail through the challenging business environment, but still had issues in terms of cost-recovery through several price increases in the market, despite adopting cost reduction measures and driving efficient methods.

    “The trends that have started in mid 2018 still continues in the first (fiscal) quarter of 2019. As a result of increased competition and a stagnant market for steel drums, we do not see improvement happening in the near future.

    Greif Nigeria has been operating well below operating costs, even below direct material costs, and sees no signs of improved market conditions. Therefore, we have decided to stop operations with immediate effect. The coming months we will investigate on if and/or how we can continue with Greif Nigeria,” he said.

    Meanwhile, the stock market posted a marginal gain yesterday as the NSE All-Share Index rose 0.02 per cent to close at 26,665.73, while market capitalisation added N2.6 billion to be at N12.9 trillion. As a result, the year-to-date growth settled at 15.2 per cent.

    The level of activity level declined as volume and value traded fell 29.9 per cent and 33.4 per cent to 232.7 million shares and N3.2 billion respectively. The banking stocks maintained dominance with Access Bank Plc (64.2 million shares), Zenith Bank Plc (31.0 million shares) and GTBank Plc (26.6 million shares) led the volume chart while GTBank(N786 million), Access Bank Plc (N636 million) and Zenith Bank (N577.4 million) led the value chart.

    In terms of price movement, Ikeja Hotel Plc led the price gainers with 9.8 per cent trailed by Chams Plc with 9.0 per cent. Cadbury Nigeria Plc appreciated by 7.5 per cent, while Royal Exchange Plc and Union Bank of Nigeria Plc chalked up 7.4 per cent and 4.6 per cent in that order.

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