Re: Nigerian Ropes plc
Nigeria Ropes to protect shareholders’ investment
By Agency Reporter
Published: Friday, 10 Oct 2008
Nigeria Ropes Plc is poised to overcome the challenges facing it and manufacturing sector at large to ensure constant returns on shareholders’ investments.
This was disclosed by the Chairman of the company, Mr. Kola Karim, at the annual general meeting in Lagos on Wednesday.
He said that there were bright prospects for the company as most of the debts owed the banks, which had bogged it down over the years had been fully repaid.
According to him, the board has also approved the operation of a new line of business, wire cable manufacturing for residential and industrial use, adding that plans were at an advanced stage for its implementation.
Karinm said, “There are also plans to revitalise the existing production lines of the company to boost our productivity and returns from economic of scale.
But the board required approvals of the shareholders for an increase in the authorised share capital of the company as well as additional capital by a mix of rights issue and public offer to actualise above stated plans.
“Our company will continue to invest in human resources and machines. Customer care and satisfaction will remain our core value.”
He praised the shareholders, management and staff for their faith, patience, performance and resilience over the years and gave assurance that positive things would come the way of the company.
Presenting the performance of the company in the 2006 and 2007 financial years, the chairman said a turnover of N450.7m was recorded in 2006 as against N417.5m in 2005, representing an increase of about eight per cent.
However, the turnover in 2007 decreased by about 22 per cent from N450.7m in 2006 to N367.1m.
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“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
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20th March 2008, 07:52 AM
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