Weco Systems seek N1.599 bn through Placement

Weco Systems seek N1.599 bn through Placement

-Plans listing on NSE in Q2 2009

 

PETER OBIORA

Proshare NI

December 17, 2008 at 19:41 GMT

 

 

Weco Systems Group, indigenous Information and Technology Company (ICT) based in Lagos is seeking to raise N1, 599, 999,999 through a Private Placement (PP).

 

This was contained in a Placement Teaser made available to Proshare NI from the Corporate Finance Unit of FutureView Financial Services Limited; who is the Issuing House/Financial Adviser to the Weco Placement.

 

To raise the amount, Weco is offering to members of select investors 533,333,333 Ordinary Shares of N1.00 each at N3.00 per share.

 

From the offer highlights, Weco has an Authorised Share Capital of N1.250 billion comprising of 2.5 billion Ordinary Shares of 50 Kobo each.

 

The company also has Issued and Fully Paid up Capital   of N760 million comprising of 1.520 Ordinary Shares of 50 Kobo each.

 

Weco affirms in the document that it is giving to prospective investors a minimum subscription of 20,000 units and multiplies of 5,000 units thereafter.

 

The company intends to raise the amount to expand its business, part of these include building a Managed Service-Hosted Contact Centre, CRM and Outsourcing. Others are building a Technology Development Centre and increase in working capital.

 

Three years financial projections of the company shows that it is expected to increase its Turnover from N4.102 billion in year 2009 to N11.661 billion in year 2011, this indicates an increase of 184 percent (184%) in the forecast period.

 

While Profit after Tax (PAT) is also expected to grow from N421.297 million in year 2009 to N3.457 billion in year 2011 showing a growth of 721 percent (721%) in the projected period.

 

As at the time of filling in this report, Proshare NI has not contacted the firm for follow through validation and verifications of data.


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