CSCS Assets Hit N2.3bn
The Central Securities Clearing System (CSCS) has recorded a total assets of N2.342 billion, as at July 2004, representing an increase of 584 per cent over N342 million it recorded in 2003.
Addressing the shareholders at the company's Annual General Meeting at the weekend, the Chairman, Apostle Hayford Alile disclosed further the shareholders' fund stood at N2.267 billion in the review period, an increase of 749 per cent over N267 million in 2003.
He expressed satisfaction over the company's phenomenal growth in its performance indicators despite the inclement operating environment.
Meanwhile, the shareholders endorsed the resolution to increase the authorised share capital from 500 million ordinary shares of N1.00 each to one billion ordinary shares of N1.00 each, a measure of strong financial strength.
The company raised over N2 billion from its recently concluded hybrid Offer of Rights Issues and Private Placements. According to Alile, the Offer was oversubscribed by more than 60 per cent, an indication of the growing confidence in the organisation. "The board has decided to absorb the oversubscription so as to put the company in sound financial position."
In his assessment of the company's performance during the period under review, the Managing Director, Mr. Onyewuchi C. Asinobi said the outstanding performance was a justification of staff professionalism and dedication to duty.
Asinobi noted that transactions worth N113.88 billion was cleared and settled by the CSCS in the review period. He enjoined the investing public to take advantage of the CSCS to invest through the Nigerian Stock Exchange. "CSCS will soon unveil its plan to transit from T+3 transaction cycle to T+ 0", Asinobi said.
The company recorded a profit before tax of N152 million, an increase of 120 per cent over the N69 million made in the preceding year.
The shareholders have approved the board's resolution passed to conserve available cash to suppress the company's impending new Business Model. The resolution approved that a total of N100 million of the profits be allotted to shareholders as bonus on the basis of two ordinary shares of N1.00 each to every three shares held. This implies that profit has been ploughed back for expansion.
Asinobi assured the investing public of the resolve of the CSCS management team to provide world class services in the capital market and the economy.
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