CUTIX PLC, cable manufacturing
company based in Nnewi, Anambra State, on Friday held its 35th AGM at
Conv-Aj Center, Nnewi, where the company elected new Chief Executive Officer,
CEO, Mrs Ijeoma Oduonye, who is expected to resume duty on 1st November, 2018.
Mrs Oduonye, is the immediate past
Company Secretary, of CUTIX PLC, she will replace Mr. Ifeanyi Uzodike,
whose tenure as CEO will end on October 31st this year.
Dr. Chidozie Nsoedo, Mr. Matthias
Umego and Mr. Vincent Ike were elected into the Board of the Company; via single resolution of shareholders, to fill vacant positions created by voluntary
resignation of Dr. John Mbonu, Arc. Mansur Ahmadu and Engr. Olufemi Akintunde.
The
Annual General Meeting, attracted Directors, from all over the country with
over 800 shareholders in attendance. The Company Secretary, Registrars,
Auditors, Financial Advisers, representatives of the NSE and NSEC, also
evaluated Reports of Directors, Statement of Profit and Loss and other
Comprehensive Income as at 31st April, 2018; together with report of Auditors,
which was adopted by the shareholders.
The shareholders, during the AGM,
also approved payment of 20k per ordinary share of 50k each; payable from the
6th November, 2018.
Other major agendas treated
during the 35th AGM also include, fixing of Auditors remuneration. Members of
the Audit Committee were also elected; two from each of the Directors and
Shareholders.
Williams Enoabasi, a shareholer of
the company who spoke to our corespodent during the AGM, commended the
management of Cutix Plc for working hard to break even, despite unfavourable
operating conditions that characterized 2018 fiscal year.
They praised the outgoing CEO,
Ifeanyi Uzodike, and the incoming CEO,
Ijeoma Oduonye, as well as the chairman, directors and the entire workforce
that saw, that the company did well in 2018 despite unfavourable operating
environment in Nigeria.l
Speaking to newsmen after the event,
the company's chairman, Engr. Okechukwu Mbonu, said that based on the 20k per
share dividend approved, total dividend payable will be N176,132, 202; adding
that profit after taxation is N440, 295, 00; even as the company's profit to be
carried forward is N264, 263, 00.
He said that the environment upon
which industries operate in Nigeria has remained very challenging; adding that
economic instability with Nigeria's multi decade long electricity problems were
mitigating factors that compelled companies to rely on relatively more costly
AGO powered generating sets; to operate busineses. He therefore called on
government to see to it, that the issue of power is resolved so that it will
help industries in the country to thrive.
He said, however, that despite the
challenges, CUTIX PLC still recorded positive changes during the 2018 fiscal
year.
Asked why CUTIX PLC was able to make
profit and declare 20k per 50k Ordinary share despite challenging business
environment, Ijeoma Oduonye, new CEO for the company said because
of its commitment to ensuring the distribution of returns fairly to all
stakeholders, CUTIX PLC is managed in a way that ensures long term shareholders
value, and takes into account the interest of all stakeholders.
