Dayo Johnson
13 October 2008
Akure — After going under for years, the Okitipupa Oil Palm Limited in Ondo state is shopping for about N4billion from the capital market to enable it bounce back fully.
The board said that it was optimistic that it would succeed in the drive considering the progress made by the company from April year 2004 till the present.
Addressing newsmen in Akure, the company's Managing Director Chief Francis Mogaji said that the company equally requires fresh free capital.
According to him the board has recommended to its shareholders that the authorized share capital of the company be increased from N100m share of 50k each to 1.1 billion shares of 50k each.
Mogaji pointed out that the board inherited N240m losses on assumption but was able to reduce it to N147m in the last five years adding that the company has more than 2000 employees.
He said that twenty eight individuals and organizations got judgment against the company while the palm oil customers were owed over N20m.
"But we want to report that our company had paid a total of N93m to various creditors from Internally Generated Funds".
Be the first to Write a Comment!
Copyright © 2008 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
