Okitipupa Oil Palm sets to commence Re-capitalisation after reforms
The management of Okitipupa Oil Palm (OOP) Plc, Ondo State, says it is set to commence its re-capitalisation process, following approval by stakeholders at the firm’s 31st Annual General Meeting in Lagos.
The company’s Chief Executive Officer, Taiwo Adewole who disclosed this in a statement said the company shareholders have approved the increase of the company’s issued share capital from N50m to N1b needed to finance the current expansion programme.
Adewole who expressed delight that the process, which started in 2018 but has slackened can now progress steadily to completion, with a good number of players in the Oil Palm industries expressing interest in investing in the company.
According to the CEO, despite offers of interest, which he said were merely in principle, the firm’s door was widely opened for more genuine investors who are ready to bring in huge capital through the Core Investor Sale exercise.
He added that existing shareholders also have the opportunity to increase their stake in the company through the AGM approved Rights Issue offers, in compliance with s142 of CAMA 2020.
Apart from the reforms, the company’s head disclosed that OOP Plc had complied with all mandatory requirements from regulating agencies for re-capitalisation; including filing of Annual Returns, publishing of its Annual Report and holding its Annual General Meeting.
In addition to meeting the statutory requirements, the CEO said the company had paid dividends to shareholders and had also paid landowners their annual fees including the arrears, which accrued over the years after it had reviewed it upward.
According to Adewole, under the company’s expansion programme, the firm has concluded plan to cultivate its remaining 6,000 hectares Greenfield and a gradual replanting of its ageing brown field, adding that in pursuant of this, the firm has developed a 250,000 capacity nursery with the aim of raising the needed seedlings for the redevelopment of its 9,000 hectares active but aged plantations.