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Daily Business News Brief – August 31st, 2023

31
Aug

Capitalisation dips by N28 billion amid selloff in Transcorp, 26 stocks – Guardian
The Nigerian equities market halted three days of the successive rally to close on a downturn, yesterday, as market capitalisation plunged by N28 billion, amid selloffs in TransNational Corporation of Nigeria (Transcorp) and 26 stocks.
At the close of transactions yesterday, the all-share index (ASI) declined by 50.81 points, representing a loss of 0.08 per cent to close at 66,439.53 points… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Invest in infrastructure to increase FX liquidity, experts urge govt
• As dollar consolidates around N920/$ at parallel market – Guardian
Experts have called for urgent investment in critical infrastructure and the adoption of policies that would help to increase local production capacity to halt the free fall of naira and stabilise the foreign exchange market.
Speaking on ‘Halting the decline in the international value of the Naira’ at the Association of Capital Market Academics of Nigeria virtual third quarter (Q3) 2023 symposium yesterday,….. …….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FBN Holdings prays court to set aside order stopping AGM – Guardian
FBN Holdings Plc has asked the Court of Appeal, Lagos Division, to nullify an ex-parte order granted by Justice Nicholas Oweibo of the Federal High Court, which stopped the bank’s Annual General Meeting (AGM).
The company, in a notice of appeal filed on its behalf by its team of lawyers, led by Senior Advocate of Nigeria (SAN), Mutalubi Adebayo, is asking the upper court for an order allowing its appeal, and an order directing ……… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

MTN, Seplat seal 5G2Business deal – The Nation
MTN Nigeria has signed a 5G2Business Memorandum of Understanding (MoU) with Seplat Energy to deploy the fifth generation (5G) services to facilitate business optimisation.
The telecom operator, in a statement, explained that the deal attests to the advancements in business digital transformation. 5G will enable businesses to unlock new efficiencies, automate processes, optimise operations, and propel innovation and productivity to new heights….. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Dangote Sugar merger with NASCON to be completed via scheme of consideration – Nairametrics
Dangote Sugar Refinery Plc, in an announcement to the Nigerian Exchange Limited, has disclosed that its planned merger with NASCON Allied Industries Plc and Dangote Rice Limited would be completed via a “scheme of consideration”.
In a press release signed by Company Secretary, Mrs. Temitope Hassan, the company disclosed the condition under which the merger would be completed….. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Explaining what Dangote Sugar, Dangote Rice and NASCON Merger means for all shareholders – Nairametrics
Eleven (11) ordinary shares of 50 Kobo each in Dangote Sugar Refinery (DSR), credited as fully paid-up shares, will be issued for every twelve (12) NASCON shares of 50 Kobo each. This equates to 2,428,651,847 new ordinary shares of DSR.
Fourteen (14) ordinary shares of 50 Kobo each in Dangote Sugar Refinery, credited as fully paid-up shares, will be issued for every one (1) ordinary share of N1.00 Kobo each in Dangote Rice Limited (DRL). This results in 2,775,792,508 new ordinary shares of DSR….. …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NGX Group to pay shareholders N495m interim dividend – Punch
Nigerian Exchange Group Plc plans to pay its shareholders an interim dividend of 25 kobo per ordinary share of 50 kobo each, totalling N495.53m on Thursday.
This followed an emergency board meeting convened by the Group in July, when it disclosed its decision to electronically distribute its inaugural dividend following the demutualisation in 2021 to qualified shareholders…… …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

MTN raises N125bn via commercial papers – Punch
Telecoms company, MTN Nigeria has raised N125bn through issuance of commercial papers series 6 & 7 under its N250bn Commercial Paper Issuance Programme.
MTN Nigeria disclosed this in a statement signed by its company secretary, Uto Ukpanah, on Wednesday.
The company said it sought to raise N100bn. The offer recorded 146 per cent subscription with N125bn raised across both series…… …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Guinness: FX loss undermines “highly spirited” top-line performance – Nairametrics
Guinness Nigeria Plc’s (GUINNESS) FY numbers showed mixed performance across key metrics.
The renowned foreign extra stout brewer recorded a double-digit Revenue growth of 10.9% y/y to N229.44bn, amidst high inflationary pressure which has weakened consumer purchasing power.
Despite a moderate rise in Cost of Sales (13% y/y to N144.7bn) and Operating expenses (13% y/y to N55.4bn), a net FX loss of N49.1bn…… …. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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