Industrial & Medical Gases Nigeria (IMG) Plc has secured shareholder approval for a N6.5 billion rights issue aimed at strengthening its capital base and scaling up operations.
The approval was granted at the company’s Extraordinary General Meeting (EGM) held immediately after its 65th Annual General Meeting in Lagos, where shareholders also endorsed a dividend payment of N400 million, translating to 80 kobo per share, and a bonus issue of one new ordinary share of 50 kobo for every 10 ordinary shares held.
Speaking to shareholders, the chairman of IMG, Aminu Ado articulated the Board’s commitment to fostering capital investments, diversifying market opportunities, expanding production capabilities, enhancing cost-efficiency, and employing customer-centric innovations.
Managing director and chief executive officer of IMG, Ayodeji Oseni highlighted the company’s impressive financial performance, despite ongoing macroeconomic challenges.
He reported a 38 per cent increase in revenue, rising from N6.064 billion in 2023 to N8.376 billion in 2024, along with a rise in profit after tax from N850 million to N1.62 billion.
“Our results exemplify the effectiveness of our strategy, financial discipline, and resilience as an organisation in a demanding environment,” he stated.
Shareholders commended the Board and Management’s exceptional performance and indicated their intention to fully participate in the rights issue when it is announced.
A shareholder, Oladiji Mustapha, praised the Board’s achievements and encouraged all stakeholders to support the rights issue, citing General Theophilus Danjuma’s attendance as a testament to their confidence.
National chairman of the Progressive Shareholders Association (PSA), Boniface Okezie, echoed these sentiments, emphasising that pursuing a rights issue would be more advantageous for IMG and its shareholders than relying on bank loans.
He urged all shareholders to engage actively with the upcoming offer, reinforcing the positive trajectory of the company.
Okezie also commended IMG’s plan to relocate to Sagamu, noting that this strategic move would significantly bolster the company’s expansion efforts.
Industrial and Medical Gases Nigeria, formerly BOC Gases Nigeria Plc, is a Nigerian company specialising in the production and distribution of industrial and medical gases, as well as welding and medical equipment. The company, which was established in 1959, is a subsidiary of TY Holdings Limited. IMG is known for its wide range of gases including oxygen, nitrogen, carbon dioxide, and dissolved acetylene, and serves various sectors like healthcare, food and beverage, and industrial processes.
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