UPDC to raise additional capital

Larry Ettah

The UACN Property Development Company (UPDC) Plc has expressed its readiness to leverage emerging opportunities in the industry and enhance profitability in the current financial year.

In view of this, the company unveiled plans to raise additional capital by way of rights to boost business. The company is also seeking N10 billion commercial paper bond to enable it dispose of low performing assets and move its exposures into commercial paper.

The Chairman of the company, Larry Ettah, while addressing shareholders during the company 18th yearly general meeting, held in Lagos, explained that the company has submitted the proposal for the rights issue to the Securities and Exchange Commission (SEC) for approval.

He pointed out that once the proposal was endorsed, the company would seek shareholders consent on when to commence the rights issue.

The Chairman said the company would also leverage on partnership and alliances that are similar to the company long-term goal. He added that the firm is also boosting the retail segment of the business and has put in place strategies to enable it take advantage of emerging opportunities in the segment.

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