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Courteville contemplates delisting from NGX over low share value

By Silver Nwokoro
09 August 2022   |   1:52 am
The Group Managing Director, Courteville Business Solutions Plc., Dr. Adebola Akindele has announced that the company is considering temporarily pulling out from the Nigerian Stock Exchange ...

Group Managing Director of Courteville Business Solutions Plc, Adebola Akindele

The Group Managing Director, Courteville Business Solutions Plc., Dr. Adebola Akindele has announced that the company is considering temporarily pulling out from the Nigerian Stock Exchange (NGX) due to its low market share value.

Akindele, who disclosed this at the yearly general meeting of the company, said despite the huge profits and return on investment, its shares have not been properly valued in the market over the past 10 years, hence the pull out from the NXG to enable the company to restrategise.

“We are considering pulling out from the Nigerian stock exchange temporarily. Our shares have not been adequately valuable over the past 10 years. We make huge returns on investment, but the market price of our stocks is less than its value, while other companies that are not doing better like us, the stock is highly priced. The shareholders have testified about what we have achieved over the past 14 years.

“This will allow us to go back and revisit our strategy. Once we are better packaged and with better strategy, we can come out and meet the investment community once again, in a better standing than what we are now.

“We are not talking about 50kobo, our shares will reflect the units in audit, but the most important part of it is that it will allow us come out with a strategy that would fit in the next few years given what we all know about not just Nigeria economy but the world economy,” he said.

Giving the financial statement for the year 2021, Ms Ejina, who represented the chairman, said the company’s turnover was N2.15 billion, while the profit before taxation was N556,007,291, which was an improvement from previous year.

She said the company’s directors have approved payment of an ordinary dividend of 0.04 kobo per ordinary share to shareholders.

Dr. Akindele noted that despite the economic challenges, the company would continue to provide effective business solutions around automation for daily transactional and personal needs of the public and private sectors.

On the company’s new subsidiary, Egole, the GMD said it is a full time company that combines agency banking and I.T solutions around payment and collections of funds from people generally, adding that it has been given license in principle by Central Bank of Nigeria (CBN).

The Chairman of the company also said that the company would continue to increase efforts to provide services that would add value to the citizens through the Corporate Social Responsibility (CSR) activities and make living easier for the community.

He added that the company will keep innovating and improving the existing products and services in line with recent technologies to provide superior services to clients, while actively taking advantage of opportunities that arise and deliver solutions that match standards across the world.