Wednesday 01 September 2010
- Culled from The Punch Shareholders of
Incar Nigeria Plc on Tuesday approved a restructuring scheme that would enable
the company to convert from a Public Limited Company to a Private Limited firm.The shareholders
approval was unanimously given in Abuja, following an order given by the court
that an extra-ordinary general meeting be held by the company.With the approval
the company will be delisted from the official list of the NSE soon.Following this
approval, the shareholders will now be paid N2.50 as consideration for each
share previously held by them.Speaking at the
meeting, the Chairman of the company, Alhaji Umar Mutallab, said, following the
approval, the shares of the company would now be delisted from the official
list of the Nigerian Stock Exchange.He said that the
need to seek the shareholders approval followed a proposal received from
Barade Holdings Limited and its associate Barumark Investment Company Limited
to acquire the shares of minority shareholders with a view to facilitating the
restructuring.He explained that
both companies held majority shares in Incar Nigeria Plc and had proposed to
buy up the entire minority shareholding amounting to 92.79million ordinary
shares of 50 kobo each, representing 27.7 per cent of the companys issued
share capital.While Barade
presently has 52.56 per cent, Barumark owns 18.74 per cent of the paid up share
capital of Incar Plc.