By Peter Egwuatu

A frontline manufacturer of industrial gases, Industrial &  Medical Gases (IMG) Nigeria Plc, at the weekend, secured its shareholders’ approval to float a N6.5 billion Rights Issue as they also endorsed an estimated N400 million dividend proposed by the Company’s board, which translates to 80 kobo per share and a bonus issue of one new ordinary share of 50 kobo for every 10 ordinary shares held.

The offer price for the  Rights Issue and commencement date will be announced later, but the Chairman, Aminu Ado, who addressed an Extraordinary General Meeting (EGM) immediately after the Company’s 65th Annual General Meeting (AGM) in Lagos, explained that “ IMG Board is poised to prioritize capital investments, diversification of market and production expansion, cost efficiency and customer-centric innovation.”

Corroborating him, the Managing Director and Chief Executive Officer, Ayodeji Oseni stated that amid the macroeconomic challenges, the Company delivered strong financial results. “ Our revenue grew by 38%, from N6.064 billion in 2023 to N8.376 billion in 2024 and Profit After Tax, PAT increased from N850 million to N1.62 billion. Our performance reflects the strength of our strategy, financial discipline, and organisational resilience in a demanding environment “.

Shareholders commended the Board and Management for the stellar performance and promised to reciprocate the dividend declared and bonus shares by taking their Rights Issue fully whenever the offer is announced.

“ I commend the Board and Management for a good result. We should show our appreciation to General Theophilus Danjuma’s bail -out by taking our Rights Issue and ask for more. “, says a shareholder, Oladiji Mustapha.

Echoing him, the National Chairman, Progressive Shareholders Association (PSA), Boniface Okezie, noted that rather than work for banks through borrowing, the IMG’s proposed plan to float rights issue would be more beneficial to the company and shareholders. Okezie also urged all shareholders to participate fully when the offer is floated.

Okezie also commended IMG’s plan to relocate to Sagamu, saying the new  it would enhance the company’s expansion drive.

Two Non-Executive Directors, who retired by rotation-Olawale Oyedele and Adebayo Adeleke-were re-elected, an indication of a stable board and a vote of confidence in the capability of the two directors.