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Multi-Trex & AMCON Reached Closing Phase in Resolving Differences on the Closure of Its Operations

Proshare

Friday, September 15, 2017/4:47PM/ NSE

We are pleased to notify the Nigerian Stock Exchange and the investing public that Multi-Trex Integrated Foods Plc ( “Multi-Trex” or the Company”) and the Asset Management Corporation of Nigeria (“AMCON” or the Corporation”) have reached the closing phase in resolving the differences  that led to temporary closure of the company’s business operation about two years ago.

In evidence, we reproduce hereunder extract of a letter granting the company access to the factory dated August 11, 2017, which AMCON addressed to its appointed Receiver on the matter:

  “AMCON management has approved that the representatives of the Company be allowed access to carry out all necessary activities including the retooling of machines and equipment, reinstallation, provision of water and rehabilitation and the entire factory building etc. For eventual commencement of operation.

…the Corporation and Multi-Trex have made significant progress in negotiations geared towards amicable resolution of this matter, subject to necessary regulatory approvals. We shall therefore keep you informed as soon as these approvals are obtained to enable the solicitors to parties prepare Settlement terms to be registered in court as consent judgment in the pending suits”.

Against the above background, we are quite optimistic that all necessary regulatory approvals would be obtained and the company’s business operations would recommence within the last quarter of this year, 2017. Consequently, the company would soon thereafter be in a position to satisfy all its outstanding listing obligations.

On behalf of our Board and Management, I wish to express deep gratitude for the exceptional cooperation, support and understanding with which the Nigerian Stock Exchange (“The Exchange”) has treated the company’s matter during its most trying times. We count on the Exchange for continuing support in the future as we assure you that normalcy in the company’s relationship with The Exchange would soon return.



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