In its Annual General Meeting held on Friday 28th May 2021, the Shareholders of NASCON Allied Industries (NGX ticker: NASCON) approved the payment of a dividend of 40 Kobo per ordinary share of 50k. The dividend which is in respect of year 2020 and payable to shareholders whose names are in the Register of members n 22nd April 2021.
The information was contained in the extracts of the meeting published on The Nigerian Exchange website on Wednesday 2nd June, 2021. The AGM was held at Civic Center, Ozumba Mbadiwe Road Victoria Island, Lagos.
According to its corporation actions announcement, the dividend should have been paid on Monday 31st May, 2021. The dividend would have been paid electronically to shareholders who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank Accounts.
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In its 2020 Financial Statements, NASCON recorded a Profit of N2.690 billion for the year, and an Earnings per Share of 102 Kobo.
Other decisions taken at the AGM includes;
- It was resolved that the following Directors of the Company who retired by rotation in accordance with sections 285 (2) of CAMA 2020 be and are hereby re-elected as Directors of the Company.
- Mr. Olakunle Alake
- Professore Chris Ogbechie
- Alhaji Ladan Sada Baki
- Messer PriceWaterHouseCoopers were appointed as the Auditors of the Company till the next Annual General Meeting in accordance with section 401(2) of CAMA 2020. No resolution is required for their appointment.
- In accordance with section 408 (1)(b) of CAMA 2020, it was resolved that the Directors of the company be and are hereby authorized to fix the remuneration of the Auditors for the year ending 31st December 2021.
- It was unanimously resolved that the following persons be and are hereby appointed as members of the Audit Committee of the Company till the next Annual General Meeting.
- Professore Chris Ogbechie – Director
- Halima Aliko Dangote – Director
- Dr Okey Nwuke – Shareholder
- Dr Umar Faruk – Shareholder
- Alhaji Kudaisi Ayodele – Shareholder
- It was resolved that the remuneration of the Non-Executive Directors of the Company for the year ending 31st December 2021 be set as follows;
- Chairperson – N3 million
- Non-Executive Directors – N2.5 million
- It was resolved that the General Mandate circular to enable the Board and the management on behalf of the Company to enter into related party transactions that are considered beneficial to the Company on a normal commercial and competitive basis and at arm’s length, be and is hereby approved.
About the Company
NASCON Allied Industries Plc (Formerly known as National Salt Company of Nigeria.) was incorporated in Nigeria as a limited liability company on 30 April 1973.
It was fully privatised in April, 1992 and became listed on the Nigerian Stock Exchange on 20 October, 1992. At a general meeting held on 29 September 2006, the shareholders approved the acquisition of the assets, liabilities and business undertakings of Dangote Salt Limited and the issue and allotment of additional NASCON PLC shares as the purchase consideration.
The major shareholder of the Company is Dangote Industries Limited that owns 62.19% of the issued share capital, while the remaining 37.81% is held by the general public.
The ultimate controlling party is Dangote Industries Limited, a company incorporated in Nigeria.
NASCON have a total of 2,649,438,378 outstanding shares and a market capitalization of N35.767 billion as at the end of trading on Wednesday, 2nd June, 2021.
According to the Register of Members on 31 December 2020, Dangote Industries Limited (62.19%) with 1,647,763,557 ordinary shares of 50k each and Stanbic IBTC Nominees Limited (8.63%) with 228,519,832 ordinary shares of 50k each held more than 5% of the issued share capital of the Company.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur