Union
Dicon Salt plc yesterday got the approval of its shareholders to enable the
company amend its memorandum and articles of association.
The
need arose for the company to amend its memorandum and articles of association
due to its planned major diversification exercise, which will see it invest in
the agricultural and industrial goods sectors of the economy.
The
company got shareholders’ approval as a special business resolution at its 21st
annual general meeting held in Lagos yesterday.
Theophilus
Y. Danjuma, chairman, Union Dicon Salt plc, who disclosed this at the company’s
21st annual general meeting assured shareholders that “the management and board
of our company are committed to the continuous review of company’s strategy and
operations.”
He
added: “As stated at the last annual general meeting, we are facing the year
ahead with hope.”
In
the financial year ended December 31, 2013, Union Dicon Salt plc reported
profit after taxation (PAT) of N11.814m against a loss after tax of N20.415m in
corresponding 2012 period. The company’s current liabilities however still
exceeded its current assets by N917.499m.
Among
the ordinary business at the meeting, the shareholders received the report of
the directors and audited financial statements together with the auditors
report and audit committee report for the years ended December 2012 and
December 2013.
The
shareholders also elected and re-elected directors, approved the remuneration
of the directors, authorised the directors to fix the remuneration of the
external auditors, and elected members of the audit committee.
Businessday
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