Shareholders have cautioned the management of Riggs Venture West Africa Plc  to register the entire issued shares capital of the Company with the Securities and Exchange Commission (SEC) as well as list on the Nigerian Stock Exchange (NSE).

The shareholders of the company advised managementto issue and allot 1.12 billion ordinary shares of 50 kobo each being the company’s unissued share capital either by way of rights issues to the existing shareholders or by way of special placement to identified investors at a price to be determined by the Board.

In a statement by the company , the Managing Director Mr. Yomi Tokosi, commenting on the company’s private placement update  stressed that “after the private placement in 2008, the number of shareholders increased from five tholding 382,336,236 ordinary shares of 50 kobo each to 645 shareholders holding 880,395,546 ordinary shares of 50kobo each”.

He pointed “out that out of 1,617,633,764 offered, 498,029,310 were subscribed and fully paid for”.
Speaking on the Company’s operation plan, Tokosi said , it is increasing productions of capacity of its woven sacks plants, by diversifying into production of Cement flour bags, increase haulage business capacity as well positioning and deepening its micro finance services

He disclosed that in the next six to nine months the company will bring in machineries that will commence the production of cement and other laminated bags.

Continuinh, he explained that to meet the challenge from the well established firms that enjoy greater economic scale, the company has approached development finance Institutions like Nigerian Export Import Bank (NEXIM) and African Export Import Bank (AFREXIM) for bridge finance pending when the unallotted 1,12 billion ordinary shares of 50 kobo each are fully sold.

Riggs Ventures was one of the indigenous conglomerates that raised funds from the capital Market through private placement in 2007/2008 before the stock market meltdown set in.

The company started operations as a financial consultancy in 1998 but has diversified into business across investment in haulage, logistics, medium/micro-financing, bureau de change as well as sacks manufacturing. The sacks manufacturing is currently the flagship of the company’s expansion programme.