An agribusiness Company, Ellah Lakes Plc, have approved the plan to raise about N5 billion in the capital market.
The shareholders gave their approval at the last Annual General Meeting of the company in Benin, Edo State.
According to the resolutions from the AGM which were forwarded to the Nigerian Stock Exchange Limited said “the Board of Directors are hereby authorised to raise the sum of N5 billion by way of the private placement, or any other equity issuance on such terms as may be approved by the Board subject to obtaining all relevant regulatory approvals.”
At the meeting, Ellah Lakes shareholders also passed the company’s audited financial statements for the year ended 31 July 2023 together with the reports of the Directors, Auditors and Audit Committee.
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Ellah Lakes in its unaudited report of its first quarter ended October, revealed that it recently acquired 80 per cent of the value of ELP Sunshine Limited.
The remaining 20 per cent is owned by Ondo State Government. The company has 5,000 hectares of land in Ondo State.
It also recently accessed N940m from the Central Bank of Nigeria under the Real Sector Support Fund for oil palm plantations.
In the period under review, Ellah Lakes recorded no revenue and suffered an operating loss worth N149,283m due to administrative expenses, personnel costs, finance costs and depreciation.
The Ellah Lake has issued shares of 2,000,000,000.00 at 50 Kobo each. It closed Thursday’s trading price at N3.32 per unit.
