Thursday, December 06, 2018 11:00AM /By Stanbic IBTC Stockbrokers With Additional Notes from The Editor
UAC of Nigeria has announced the retirement of CEO, Abdul Bello, effective 1 January 2019. Abdul Bello took over the role of CEO in 1 January 2018 after the retirement of then CEO, Larry Ettah. This development comes as a surprise and certainly not as well planned as Abdul’s appointment as substantive Group CEO, 5 months before Larry’s retirement.
This is also not particularly positive given that the Group is currently undergoing a major review amid significant operational challenges. The review which began at the beginning of the year was guided to look into the following amongst others
1) Non-performing businesses that required either new investments or divestments
2) Potential acquisitions
3) A review of the three JV partnerships
The outcome of this review was expected by half year 2018 but has since been delayed.
Omolara Elemide, Executive Director, Corporate Services has been appointed Acting Group CEO while the search for a substantive CEO commences immediately.
At the close of trading today, the share price of UACN moved up by a tick size of 5.26% to close at N10 from the previous price of N9.50k. YTD, the share price has dropped by 40.83% and has also lost 41.52% in one (1) year.
Visit UAC of Nigeria Plc IR Page on Proshare MARKETS
Graph 1: UAC of Nigeria Plc Graph As At 6th Dec, 2018
Table 1: UAC of Nigeria Plc Q3 2018 Results