IMG Shareholders Approve ₦5.5bn Loan, Capital Raise
Shareholders of Industrial & Medical Gases Nigeria Plc (IMG) have approved the ratification of a ₦5.5bn shareholder loan and authorized key capital restructuring moves at the company’s Extra-Ordinary General Meeting (EGM).
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX), seen by THE WHISTLER.
The approved loan, previously disclosed in the company’s 2024 financial statements, was obtained from TY Holdings Limited, the company’s majority shareholder.
The ratification covers the principal amount and any accrued interest, formalizing the terms of what was described as a related party transaction under applicable financial regulations.
In a further move to strengthen IMG’s capital base, shareholders gave the board of directors the authority to increase the company’s share capital to an amount necessary to execute a planned bonus issue.
This decision also includes the amendment of the Memorandum of Association to reflect the new authorized share capital, a requirement under the Companies and Allied Matters Act (CAMA).
The board was additionally empowered to determine all terms and modalities related to the forthcoming rights and bonus issues, including the timing, implementation, and allotment process, without needing to seek additional shareholder consent.
The resolution effectively delegates extensive authority to the directors to facilitate the company’s capital market operations aimed at unlocking shareholder value.
The Company Secretary, Mrs. Aderonke Segun-Alabi, confirmed the passage of all resolutions and emphasized the Board’s commitment to driving sustainable growth through prudent financial management and strategic shareholder engagement.
The latest developments underscore IMG’s ongoing efforts to solidify its financial structure and optimize its operations in Nigeria’s fast-evolving industrial and medical gases sector.
IMG Shareholders Approve ₦5.5bn Loan, Capital Raise is first published on The Whistler Newspaper
