Livestock Feeds Set to Raise N2billion Fresh Capital to Boost Operations

Livestock Feeds Plc has kicked off the process of raising additional capital to boost its operations after shareholders in 2015 approved that about N2 billion should be raised through a rights issue.
Chairman of Livestock Feeds Plc, Mr. Larry Ettah, who spoke at the annual general meeting, AGM, of the company in Lagos, on Wednesday, June 15, said the company had begun the implementation of the approval.

Ettah said: “Distinguished shareholders, at the last AGM of our company, you gave approval to the directors to raise additional capital by way of a Rights Issue to enhance the working capital and expansion needs of the company.”

“I am happy to inform you that the process for implementing this has commenced as approvals are presently being sought from the regulatory authorities, the whole exercise is expected to be completed within this year.”

He also disclosed that the installation of full fat extrusion plant for the processing of soya beans at the company’s Ikeja factory which commenced at the tail end of 2015 has been completed.

Ettah said the company, which is a subsidiary of UAC of Nigeria Plc, recorded revenue of N8.9 billion and profit before tax of N300 million for the year ended December 31, 2015.

 

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