RIGGS Ventures

[hispy99]

Riggs Ventures to invest N1.5bn in operations
By Udeme Ekwere

Published: Wednesday, 20 Aug 2008
Riggs Ventures West Africa Plc has stated that the funds to be raised from its ongoing private placement, will be used to provide the necessary leverage for improvement in its future performances.

Speaking during the endorsement of its N1.54bn private placement offering, the Chairman, Riggs Ventures, Chief Rasheed Williams, stated that the funds raised would be used in the various diversification and expansion projects of the company.

He said, “We intend to inject more working capital into the Bureau de Change and upgrade our technology and processes, while striving to continue to diversify our investment into areas that would add value to the net worth of shareholders.

“The company also aims at increasing the production of its woven sacks plants, by diversifying into the production of cement and/flour bags, increasing the capacity of its haulage business and proper positioning and deepening of Riggs Microfinance services.”

He said the company, which operated through its business interests in polypropylene woven sacks manufacturing, had a supply gap of about 200,000 bags per month, which was yet to be satisfied.

According to Williams, “Our haulage and logistics business operates with a fleet of 11 trucks at the moment, and the company intends to increase the number of the trucks in the fleet to 35 in order to cope with the growing demand in the market.”

He added that the company sought to considerably improve its financial status with the planned equity investment, refinancing of costly overdrafts and the strategic expansion of the activities of the company.

In its financial statement for the year ended March 31, 2008, the company recorded an income of N168m, representing an increase by 115 per cent over N78m recorded in 2007.

[muranay@yahoo.com]

Riggs Ventures W/ Africa to invest N1.5bn in operations

RIGGS Ventures West Africa Limited has stated that the funds to be raised from its ongoing private placement will be used to provide the necessary leverage for improvement in its future performances.

Speaking during the endorsement of its N1.54 billion private placement offering, the group managing director/CEO, Riggs Ventures West Africa Ltd, Yomi Tokosi, stated that the funds raised would be used in the various diversification and expansion projects of the company.

"We intend to expand our operations and upgrade our technology and processes while striving to continue to diversify into areas that would add value to the net worth of shareholders."Tokosi disclosed. He added that: "The company also aims at diversifying its woven sacks business by going into the production of cement and flour bags, increasing the capacity of its haulage business and proper positioning and deepening of Riggs Microfinance Services".
The company boss maintained that the company has a supply gap of about 2,000,000,000 bags per month, in polypropylene woven sacks, which is yet to be satisfied.

According tob him, "Our haulage and logistics business operates with a fleet of 11 trucks at the moment, and the company intends to increase the number of the trucks to 35 in order to cope with the growing demand in the market."

He added that the company sought to considerably improve its financial status with the planned equity investment, refinance costly overdrafts and strategically expand the activities of the company.

[jubilee2008]

Please I want to know if the PP is still on, Thanks!!

[hispy99]

Riggs Ventures eyes expansion
• Wednesday, Oct 8, 2008
Riggs Ventures Limited has announced its intension to expand in the nearest future.

The Managing Director of the company, Mr Yomi Tokosi made this known in an interview with newsmen recently.

Mr Tokosi stated that the company’s decision to go public is on its desire to expand its bag manufacturing sector and dive into haulage and financial services.

According to Mr Tokosi, the price of their offer would be 95 kobo which is relatively cheap compared to other companies with high hopes that the price will increase immediately the company is listed on the Nigerian Stock Exchange (NSE).

He also called on their patronizers to have increased confidence in the company because its services would be more standard as expected from a quoted company once they are listed.

The Riggs Ventures boss said the money realized is about N400 million and would be added to the company’s bag manufacturing sector, while N250 million would be stored as business capital.

He hinted that at present the company “cannot meet up with the huge demand from its customers, which warranted the need to increase that may lead to more profit,” he said.

The company intends to buy new bag-producing machines to meet up with the huge demand on the company, he said further.

On the reason for the short-comings in the sector, Mr Tokosi observed that it was due to lack of interest in the sector.

[hispy99]

Originally Posted by hispy99

Riggs Ventures eyes expansion
• Wednesday, Oct 8, 2008
Riggs Ventures Limited has announced its intension to expand in the nearest future.

The Managing Director of the company, Mr Yomi Tokosi made this known in an interview with newsmen recently.

Mr Tokosi stated that the company’s decision to go public is on its desire to expand its bag manufacturing sector and dive into haulage and financial services.

According to Mr Tokosi, the price of their offer would be 95 kobo which is relatively cheap compared to other companies with high hopes that the price will increase immediately the company is listed on the Nigerian Stock Exchange (NSE).

He also called on their patronizers to have increased confidence in the company because its services would be more standard as expected from a quoted company once they are listed.

The Riggs Ventures boss said the money realized is about N400 million and would be added to the company’s bag manufacturing sector, while N250 million would be stored as business capital.

He hinted that at present the company “cannot meet up with the huge demand from its customers, which warranted the need to increase that may lead to more profit,” he said.

The company intends to buy new bag-producing machines to meet up with the huge demand on the company, he said further.

On the reason for the short-comings in the sector, Mr Tokosi observed that it was due to lack of interest in the sector.

that is how they keep on deceiving unsuspecting investors...so because it is going for 95k means the PP is cheap?

[ayemco]

People just think they can wake up one morning and start deceiving people about PP. This is becoming outrageous.

[BLUEMONEY]

Originally Posted by hispy99

that is how they keep on deceiving unsuspecting investors...so because it is going for 95k means the PP is cheap?

Since the M.D is so confident that the PP is cheap, I would like to see the memo.

[BLUEMONEY]

Originally Posted by ayemco

People just think they can wake up one morning and start deceiving people about PP. This is becoming outrageous.

This is coming as no suprise since they have been doing it for years. Figures will eventually prove them wrong because it doesn't lie.

[polosco]

Originally Posted by jubilee2008

Please I want to know if the PP is still on, Thanks!!

I beleive it is still on, Stockswatch will be talking about it in their semnar cming up in Abuja on saturday.

[BLUEMONEY]

Originally Posted by polosco

I beleive it is still on, Stockswatch will be talking about it in their semnar cming up in Abuja on saturday.

Now that the Stockswatch Group is involved in this one hope they wont sell at premium like they did in other PP.

[polosco]

Originally Posted by BLUEMONEY

Now that the Stockswatch Group is involved in this one hope they wont sell at premium like they did in other PP.

Even if they like let them sell below the price i won't buy as my heart have melted within me, most of my investments have gone with d market but i'm still hopeful.

[BLUEMONEY]

Originally Posted by polosco

Even if they like let them sell below the price i won't buy as my heart have melted within me, most of my investments have gone with d market but i'm still hopeful.

it is good to know that you are still Hopeful because it will not be wise to let the market downturn to discourage you from investing.

[polosco]

Originally Posted by BLUEMONEY

it is good to know that you are still Hopeful because it will not be wise to let the market downturn to discourage you from investing.

Yes i'm still alive, just that like the proverbial saying sof the Yorubas, the goat that reverses in a fight did not run but has only gone to gather momentum, I'm coming back, the market is getting better, i will recover and overtake all my loses.