Shareholders ofÂ Starcomms Plc, Wednesday, endorsed the proposal by its Board of Directors to establish a management share incentive scheme for the benefit of the employees to spur them for increased productivity.
Consequently, the shareholders authorised the board to allot or grant any right to subscribe up to 5 per cent of the ordinary shares of 50 kobo each in the authorised share capital of the company for the purpose of establishing the share scheme for the benefit ofÂ the employees of the company and to lawfully perform all such acts, take all such steps, sign and execute all such documents as may be necessary to effecting the establishment and administration of the scheme.
The shareholders at the companyâ€™s 11th and firstÂ Annual General Meeting (AGM) since it became a public entity also applauded the companyâ€™s net revenue growth which saw the financials increasing by 80.3 percent to close the year at N34.5 billion in 2008 compared to the record figure of N19.1 billion in 2007.
Speaking at the meeting, the trio of Sir Sunny Nwosu, National Coordinator, Independent Shareholders Association (ISAN), Chief Aderemi Oyepeju, Chairman Ibadan Zonal Shareholders AssociationÂ and Chief TimothyÂ Adesiyan, President Nigerian Shareholders Solidarity Association (NSSA) who spoke on behalf of others, expressedÂ satisfaction with the companyâ€™s financials for the year under review even as they commended the prudence and dexterity of the management to make the company a profitable enterprise.
Managing Director of Starcomms Mr. Maher Qubain while addressing shareholders on the backdrop of the companyâ€™s financial position in the year 2008 and the first quarter ofÂ 2009, said that what was perceived as poor financial position of the company as reflected in the 2008 year end and first quarter 2009 results of the company, were actual profitability.
Specifically, he disclosed that the company believed that Nigeriaâ€™s investment atmosphere remains of the best globally, owing to the huge potentials and market which necessitated the company widening on capital expenditure in the last two years.
He explained that the companyâ€™s expansion exercise in the last years has placed it on the path of profitability, with the acquisition of 10 per cent of the market share among its peers stating, that this has seen the companyâ€™s subscriber base grown from 2,000 in year 2002 to 2.5 million currently.