Vitafoam announces plan to increase shareholder value

Vitafoam Nigeria Plc has announced a plan to increase its shareholder value with expected strong earnings from the subsidiaries.

The company also assured shareholders that the board and management will look into the popular demand for floating a rights issue to strengthen its working capital.

Addressing the shareholders at the company’s Annual General Meeting (AGM) in Lagos, the Chairman, Dr Bamidele Makanjuola explained that the company has embarked on a strategic review of the company’s business units to ascertain continued alignment with broader transformation objectives for accelerated profitability.

The company, according to him, had completed its expansion project and has begun to consolidate for optimal performance as reflected in the current status of some subsidiaries.

For instance, the Chairman said that Vitapur Nigeria Limited has become a source of hope and inspiration by posting profit for the second year running, while moulded foam products, Vitavisco Nigeria Limited has continued to operate profitably.

Makanjuola also said the company will revamp Vono Furniture Products and Vitagreen Nigeria Limited, while strategic decision would be taken on Vitafoam Sierra Leone Limited and Vitafoam Ghana Limited.

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