A frontline manufacturer of industrial gases, Industrial & Medical Gases (IMG) Nigeria PLC, at the weekend secured its shareholders’ approval to float a ₦6.5 billion Rights Issue.
Shareholders also endorsed an estimated ₦400 million dividend proposed by the company’s board, which translates to 80 kobo per share, along with a bonus issue of one new Ordinary Share of 50 kobo for every 10 Ordinary Shares held.
The offer price for the Rights Issue and its commencement date will be announced later. However, the Chairman, Aminu Ado, who addressed an Extraordinary General Meeting (EGM) immediately after the company’s 65th Annual General Meeting (AGM) in Lagos, explained that “IMG Board is poised to prioritise capital investments, diversification of market and production expansion, cost efficiency, and customer-centric innovation.”
Corroborating him, the Managing Director and Chief Executive Officer, Ayodeji Oseni, stated that amid the macroeconomic challenges, the company delivered strong financial results.
“Our revenue grew by 38%, from ₦6.064 billion in 2023 to ₦8.376 billion in 2024, and profit after tax increased from ₦850 million to ₦1.62 billion. Our performance reflects the strength of our strategy, financial discipline, and organisational resilience in a demanding environment.”
Shareholders commended the board and management for the stellar performance and promised to reciprocate the declared dividend and bonus shares by taking up their rights issue fully whenever the offer is announced.
“I commend the board and management for a good result. We should show our appreciation for General Theophilus Danjuma’s bailout by taking our rights issue and asking for more,” said shareholder Oladiji Mustapha.
Echoing him, the National Chairman of the Progressive Shareholders Association (PSA), Boniface Okezie, noted that rather than work for banks through borrowing, IMG’s proposed plan to float a rights issue would be more beneficial to the company and shareholders. Okezie also urged all shareholders to participate fully when the offer is floated.
He further commended IMG’s plan to relocate to Sagamu, stating that the new site would enhance the company’s expansion drive.
