The shareholders of Nigerian Aviation Handling Company Plc have given approval to the company’s bid to raise fresh capital for business expansion. Besides, the Board of Directors’s plan to increase the share capital of the company received the shareholders’ nod.

A statement by the company on Thursday said that the board got the approval of the shareholders, following its proposal to raise additional capital to fund its ongoing diversification programme.

The shareholders, who gave the approval at the company’s 31st Annual General Meeting of the company in Abuja, according to the statement, unanimously agreed that the company should raise its authorised share capital from N1.5bn to N3bn.

The statement said, “Under the approval secured, the board is to take all steps necessary for the company or any of its subsidiaries to raise additional capital for diversification, power needs and any other projects in line with the company’s African expansion and diversification objectives”.

According to the statement, shareholders also approved the quest by the board to pay 25 kobo final dividend, making a total of 40kobo as well as a bonus issue of one for five, amounting to N307.6m for the year ended December 31, 2011.

It added that the company’s board also announced the election of its erstwhile vice-chairman, Alhaji Suleiman Yahyah, as the new Chairman. He succeeded General Ike Nwachukwu, who had occupied the position for two years.

Yahyah was said to have seized the opportunity to thank the board for giving him the opportunity to serve the company, adding that he was looking forward to “increased collaboration with shareholders and regulators.”

On its activities for the year under consideration, Nwachukwu said, “We have funded the construction of the new warehouse from internally generated revenue, delivering greater level of efficiency and savings. The fruits of these investments are already being seen this year, but will be fully realised next year”.

Commending Nwachukwu for his contributions to the growth of the company, the shareholders were said to have pledged their support for the incoming chairman of the board.

Nwachukwu told shareholders that the company expected its results for the current year to exceed previous years’ performance especially with our building significant value in the company and remaining the market leader.

He said, “We will be enjoying the fruits of our transformation programme with full year effects in 2013 and beyond. We are again delighted to report that we have now established the NAHCo Group made up of nacho aviance , NAHCo Energy & Power Limited and NAHCo FTZ Limited.

“The year 2012 is the year for concluding the transformation programme and consolidating our gains. More than ever, we are determined to maintain our leadership position in the industry and in the region,” Nwachukwu added.

Source: Punch/Udeme Ekwere