Okitipupa Oil Palm Company declares intention to raise N500 million.
October 26th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
Expansion, the process of increasing in size or the act of making a company or business larger by opening new shops, factories, ideas e.t.c all with the sole aim of bringing in profit was the subject of discourse at the company’s annual general meeting held recently in Ondo state.
Declaring the company’s plan to seek for funds from the capital market, chairman of the company, Mr. Akin Aduwo disclosed that proceeds from the funds which will be raised through a combination of public offer and rights issue, will be used in the rehabilitation and modernisation of its existing factories and will be used in the acquisition of energy saving equipments. He said the company intends to increase its authorised share capital from N50 million to N550 million and it may be either through a combination of offer for subscription or rights issue.
Okitipupa Oil Palm is an indigeneous company listed in the Agriculture sub sector of the Nigerian Stock Exchange. It is the largest producer of edible grade Palm Kernel Oil, Biodiesel, Corn oil, Coconut oil, Ground nut oil, Jatropha oil, Soya bean oil, Biodiesel Oil, Vegetable oil, e.t.c
The company had encountered financial problems in the past as a result of mismanagement of its resources by its past management but was resuscitated in 2004 by the intervention of the Ondo state government which assisted the company to pay the receiver / managers and it also provided a soft loan to commence the rehabilitation and reposition programmes for the benefit of the entire shareholders. It has since then returned to the path of profitability as it showed in its financial year end results. It recorded a turnover of N214.37 million in 2007 as compared to N186.04 million in 2006. Profit afer tax also grew significantly from N9.88 million in 2006 to N12.73 million in 2007. At the time of writing this report the date of the offer had not been fixed.
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I want to be notified at the period of (IPO)please.
i will also like to be informed at the time of ipo
Okitipupa Oil Campany should be in the first class cadre that should be part of a contributor to the economy.Its product should be for both local and international consumption.Food is an essential product that does not have a rival.I will be very glad to see the company rise and rub shoulders will the high and mighty in the Agricultural cultural sector.
Please i’ll like the company to inform me when the IPO will commence and the closing date as well
this is a kind of that all need to support to grow stronger and healthier.please kindly inform me when the IPO commence.thanks
I will like to be inform in ipo from any bank, companies
I will like to be informed when the IPO begins