The Managing Director of Ellah Lakes Plc, Mr. Chuka Mordi, has said the company is being restructured and positioned as a leading agribusiness player across West Africa.
Mordi stated this during the presentation of the company’s ‘Facts Behind the Figures’ to market stakeholders on the Nigerian Exchange (NGX) Limited platform.
According to him, prior to 2019 Ellah Lakes Plc was an insolvent entity on NGX but Telluria Ltd acquired the company, recapitalized its balance sheet and repositioned business for growth with a new board and management team.
“Today, we are undergoing a restructuring exercise, which will return the business to profitability and reposition it as a leading Agribusiness player across West Africa.
“From a corporate governance point of view, we hold ourselves to high standards of governance as expected by our shareholders and regulator, and as is befitting of our vision to become the leading supplier of sustainable edible oils and starch to the FMCG Industry in Nigeria, particularly, and West Africa, in general. Furthermore, our free float status remains a priority for the board.
“We are working together with our advisers and the Exchange on ensuring that the required free float percentage is achieved in the shortest possible time,” Mordi said.
Chief Agronomist at Ellah Lakes Plc, Mr. Jamie Rixton, went on to present the financials and future plans of the company, emphasizing its intention to improve cash flow and ultimately start paying dividends to shareholders.
Culled from Businessday Nigeria