UACN to raise N20bn additional capital

Shareholders of the UAC of Nigeria Plc unanimously approved a raise of N20 billion in additional capital to boost the company’s operations.

The UACN presented the resolution to its shareholders at its annual general meeting held in Lagos yesterday.

At the occasion, the company also announced a reward of N3.3 billion dividend payment for its shareholders, even as it considers strategic shifts in its policy drive to take advantage of emerging opportunities in the economy.

In his address, the UACN chairman, Senator Udoma Udo Udoma stated, “In spite of the prevailing tough economic conditions, we are maintaining our prior year dividend pay-out. Hence, the board is pleased to recommend for your approval a dividend of N3.3 billion or 175 kobo per ordinary share of 50 kobo each, less withholding tax for the financial year ended 31st December, 2014.”

On the company’s performance, Senator Udoma noted that despite the tough business environment, UAC recorded a modest top-line growth of 9 per cent from N78.7 billion in 2013, to N85.7 billion in 2014 while profit before taxation was N14.1 billion, compared to N13.9 billion of 2013.

He stressed that the company has continued to manage market dynamics and innovatively lead competition in its markets and highlighted the areas where the company recorded some key gains

He said that as part of the business transformation process, the company has “fully implemented both the new SAP enterprise resource software across the group and the Enterprise Risk Management framework to enhance the control environment of our business.”