National Wire About Nigerians, Nigerian Business and Other Stories
Shareholders of May & Baker Plc on Thursday May 31, 2018, at its 67th Annual General Meeting (AGM) in Lagos, approved the board of directors’ request to increase the company’s authorized share capital to N3 billion by the creation of 2,200,000,000 ordinary shares of 50 kobo each ranking in all respects pari passu with the existing ordinary shares of the company.
This according to the company will be done through a right issues, which will soon open. Just as shareholders also approved the payment of N196 million dividends for the financial year ended December 31, 2017. The dividend which is subject to deduction of applicable withholding tax amount to 20 kobo per share. Payment date is June 4, 2018.
Responding to shareholders questions, managing director of the pharmaceutical giant, Nnamdi Okafor said they sold their noodle business Mimee to Dufil Nigeria Limited, the maker of Indomie Noodle and other packaged food products in Nigeria, for N775 million. He explained that this decision will put the company in a position to deliver stronger profits in the future.
According to him “the board is pleased to further announce that our operating subsidiary, Oseworth Nigeria Limited gave a good account for 2017, it grew its revenue by 29 percent from N165 million in 2016 to N213 million in 2017 and delivered a profit after tax of N13.7 million, up by 80 percent from N7.6 million in 2016”.
Pointing out that the Biovaccines Nigeria Limited, its joint venture project with the Federal government for the production of vaccines, is gearing fast to commence business. “ I am optimistic that this investment will succeed not only to the benefit of investors but also for the good of the country”.
Photo Caption: Nnamdi Okafor Managing Director of May & Baker Plc
