By Jimoh Babatunde
Shareholders of Okitipupa Oil Palm (OOP) Plc have approved the plan by the company to raise its share capital to N1 billion from N50 million.
The Chief Executive Officer of the company, Taiwo Adewole, who addressed shareholders at the 31st Annual General Meeting (AGM) in Lagos said the fund would be deployed to finance the current expansion programme designed to take the firm to the next level as contained in its Strategic Master Plan.
Adewole expressed delight that the process which started in 2018 but slowed can now progress steadily to completion.
He noted that several players in the oil palm industry have expressed interest in investing in the company following the turnaround in the company that resulted in a rebound to profitability after almost three decades of losses.
Adewole said, “Okitipupa Oil Palm is today on a solid footing after three years of rigorous and radical reforms involving all the critical sectors and departments in the company. This is why today Okitipupa is the darling of all stakeholders, including host communities that have indirectly taken ownership of the plantations through our novel Agric Operations Model.”
According to him, 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.