Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

UPDC Plans N30bn Bond Issuance

Category: Capital Market

  Read (2848)
UPDC Plans N30bn Bond Issuance


Competition among companies for funds in the corporate bonds market is getting fiercer by the day as more companies signify interest to raise fresh capital for their operations from the segment of the capital market.



The latest entrant is UACN Property Development Company Plc (UPDC) which is planning to raise N30 billion via corporate bonds. Apart from banks, Oando, Nigerian Aviation Handling Company Plc, Tripple Gee and Company Plc, C & I Leasing Plc and Fidson Healthcare Plc are among companies that have signified interest to access the market for fresh funds through corporate bond issuance.



While none of non-banking firms that had early signified interests, has commenced the bond issuance exercise, UPDC is requesting its shareholders to approve plans to float N30 billion corporate bonds. It was gathered that an Extra-ordinary General Meeting (EGM) has been scheduled for Lagos on February 23, 2010 for the shareholders to approve the proposal. It was also learnt that the bonds would be issued in tranches at a time to be determined by the directors.



The company, which is a subsidiary of UAC of Nigeria Plc, paid a dividend of N0.75 per share to shareholders last year for the financial year ended December 31, 2008. Addressing shareholders   at the 11th Annual General Meeting of UPDC,  in Lagos last May,  the then  Chairman, Lt. General Mohammed Wushishi (rtd.), said that  despite the harsh operating environment, a turnover of  N13.2billion was recorded in 2008. 



This, he said, indicated a significant increase of 132 per cent over the turnover of N 5.7billion recorded in 2007. Profit before tax (PBT) was N3.7billion against N1.4billion in the preceding year, showing an improvement of 159 per cent. “Based on these excellent results, the Board of Directors has recommended for your approval a dividend of 75 kobo per share for the year. This represents an increase of 26 kobo over the 49 kobo dividend per share paid   the previous year,” he said.



He had assured that in the midst of the uncertainties, the company will remain focused and strategic, strengthened by her rich heritage and age-long principles of good corporate governance, accountability and responsibility. “The company will continue to leverage on her dedicated, skilled and experienced human capital to deliver good results for the benefit of our stakeholders,” Wushishi said.



Only recently, Mr. Hakeem Ogunniran was named the new Managing Director of UPDC. Ogunniran, former divisional managing director of MDS Logistics, a division of UAC of Nigeria Plc, took over from Mr. Abdul Bello, who has been appointed Chief Financial Officer and an Executive Director of UACN Plc.



Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014