Vitafoam Nigeria PLC (NGX: Vitafoam) held its 64th Annual General Meeting (AGM) on March 5, 2026, at NECA House, Ikeja, Lagos, where shareholders passed several key resolutions aimed at enhancing the company’s value and governance.
In a statement issued on March 6, 2026, the resolutions underline Vitafoam’s commitment to rewarding shareholders
The AGM approved a dividend distribution, board re-elections, and an increase in share capital, signaling confidence in the company’s future prospects.
Key financial decision
One of the highlights of the meeting was the approval of a dividend payout at the rate of N3.00 per share, totaling ₦3,752,532,192.
This dividend will be distributed to shareholders registered as of the close of business on February 6, 2026.
The move reflects the company’s strong financial position for the fiscal year ended September 30, 2025, as outlined in the audited financial statements presented during the AGM.
Additionally, the shareholders approved the capitalization of ₦125,084,406 from retained earnings to issue 250,168,812 new ordinary shares of 50 kobo each.
These bonus shares will be allotted on a ratio of one new share for every five existing shares held as of February 6, 2026.
The new shares will rank pari passu with existing ones but will not qualify for the 2025 dividend.
The bonus issue will be issued upon regulatory approval and aims to enhance shareholder value without requiring cash outflows.
The company’s share capital was also increased from ₦625,422,531 to ₦750,506,438, comprising 1,501,012,876 ordinary shares of 50 kobo each.
Shareholders also authorized auditor remuneration, directors’ fees for 2025/2026, renewal of related-party transactions, and a review of severance compensation for retiring directors.
Administrator and Writer
