Tower Alloys Industries has successfully acquired a significant stake in Aluminum Extrusion Industries Plc, securing 67.55% of the company’s issued share capital. This monumental development was formally disclosed in the official announcement presented to the Nigerian Exchange Limited and is documented by Infostride News.
The acquisition is a result of substantial shifts in the ownership structure of Aluminum Extrusion Industries Plc. DCSL Corporate Services Ltd, the appointed company secretaries, have issued an official statement regarding this strategic move, which reads as follows:
“We hereby announce to the public and our esteemed stakeholders that Aluminum Extrusion Industries Plc has received official notification from its majority shareholder, Tower Aluminum Nigeria Plc (In Receivership), indicating that Tower Alloys Industries Limited has successfully acquired the shares that were previously held by Tower Aluminum Nigeria Plc. Consequently, Tower Alloys Industries Limited has now emerged as the beneficial owner of 148,586,381 shares of Aluminum Extrusion Industries Plc.”
As a result of this transaction, Tower Alloys Industries Limited is now in possession of 148,586,921 shares, signifying an impressive 67.55% ownership of the company’s issued share capital. This makes Tower Alloys Industries Limited the predominant shareholder in Aluminum Extrusion Industries Plc.
In addition to this groundbreaking acquisition, Aluminum Extrusion Industries Plc has also recently released its earnings report for the third quarter ending on September 30, 2023.
For the third quarter, the company reported a total sales figure of N463.32 million, a notable decrease compared to the N673.99 million recorded in the same period the previous year. The company also reported a net loss of N125.49 million for the quarter, a stark contrast to the net income of N3.26 million achieved during the corresponding period in the previous year.
Furthermore, Aluminum Extrusion Industries Plc has made significant changes to its Board of Directors, with the appointment of Chief Dr. Jinesh Chandra Dugad and Mr. Rakesh Shah as Non-Executive Directors. This recent development has been formally documented in the notification of Changes to the Board of Directors, which was submitted to the Nigerian Exchange Limited and is now accessible through Infostride News.
According to the statement issued by DCSL Corporate Services Limited, the Company’s Secretary, Chief Dr. Jinesh Chandra Dugad officially assumed the role of a Non-Executive Director on September 20, 2023. It is worth noting that his appointment is subject to ratification at the upcoming Annual General Meeting of the Company.
In conclusion, Tower Alloys Industries’ acquisition of a majority stake in Aluminum Extrusion Industries Plc marks a pivotal moment in the company’s history, with significant implications for its future direction and operations. The shift in share ownership, alongside the company’s financial performance and changes in its Board of Directors, is a clear reflection of the evolving landscape in the Nigerian business sector and a noteworthy development for investors and stakeholders. Stay tuned to Infostride News for the latest updates and insights on this transformative event and its potential impact on Aluminum Extrusion Industries Plc.
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