UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors

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Lagos, Nigeria; Wednesday, 27 January 2021 – UACN Property Development Company Plc (UPDC) wishes to announce the appointment of Mr. Wole Oshin as the new Chairman of the Board of the Company, following the resignation of the former Chairman, Mr. Babatunde Kasali from the Board.

In accepting the appointment, Mr Oshin thanked the Board members for the confidence reposed in him and solicited their cooperation to achieve the objectives of the Board to lead the Company to greater heights.

UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors brandspurng
Wole Oshin, Chairman, UPDC Plc. | www.brandspurng.com

Brief profile

Mr. Wole Oshin is an industry leader with over 30 years’ experience and has at various times been a member of the Presidential Committee on Pension Reforms, Chairman of the Nigerian Insurers Association, Council Member of the African Insurance Organization [Cameroun], Companies Association [Ghana] and External Lecturer – West African Insurance Institute, Banjul, The Gambia.

Mr. Oshin sits on several Boards including the International Insurance Society [IIS], New York and Nigerian Insurers Association. He is also an Advisory Board Member of the Common Wealth Enterprise and Investment Council (United Kingdom).

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He has received numerous awards including a nomination as “African CEO of the Year” by African Reinsurance Corporation, and the Harvard Business School Association of Nigeria (HBSAN) Leadership Award for General Management.

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UPDC is an institutional property company, founded in 1997, and listed on the NSE in 1998. UPDC has a solid track record in the acquisition, development, sale and management of a diverse mix of commercial, residential, hospitality and retail assets across Nigeria.
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UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors - Brand SpurUPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors - Brand Spur

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UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors - Brand SpurUPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors - Brand Spur

Latest News

Vivocom’s Group Game Changer – Multi-Billion Sand Project Secured

  • Initial contract worth RM3.79 billion for three years
  • Aspires to be a major industry player 'with exponential growth prospects'


KUALA LUMPUR, MALAYSIA - Media OutReach - 26 February 2021 - In a filing to Bursa Malaysia this evening, Vivocom Intl Holdings Berhad ('Vivocom') announced that V Development Group via one of its subsidiaries has secured a 'massive win' worth approximately USD934.7 million or the equivalent of RM3.79 billion.

Rain International Sdn Bhd ('Rain International') is a 97% owned subsidiary under the V Development Group which was recently merged into the Vivocom Group. The Company's proposed acquisition of V Development Group had been recently approved by the relevant authorities.

Rain International is principally involved in the mineral trading and exportation business, supplying sand to its client mainly in Hong Kong and China for reclamation and construction works. The Company had recently signed a contract for the supply of marine sand for a minimum period of three years.

The contract is for the supply of sand to Zhen Hua Engineering Company Ltd-China Communications Construction Company Ltd-CCCC Dredging (Group) Company Ltd. (ZHEC-CCCC-CDC), a Joint Venture contractor appointed to undertake the main reclamation works for the Hong Kong International Airport Three Runway System Project.

Director Mr William Chan Ching-Kee said: "As the appointed agent for the ZHECC-CCCC-CDC Joint Venture, we are looking forward to the exportation of sand from Malaysia to our client in Hong Kong to commence without any further delay."

Dato Seri Chia is optimistic that the contract would be extended for another two to three years and could potentially generate revenue of up to RM6 billion.

"The sand business is a major boost because it gives us tremendous visibility. The potential revenue is huge, recurring and highly scalable," its jubilant CEO, Dato Seri Chia Kok Teong exclaimed.

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"The potential for explosive growth in the sand business is real and tangible, and bodes well for the Group in the next few years."

"We are starting with 3 years but the contract can easily be increased to 5 years and beyond, with higher tonnage shipped every 6 months. The exportation of sand will increase sharply over time," he added.

Besides the reclamation works for the Hong Kong International Airport, the rapid pace of construction and reclamation works in China and Singapore also requires heavy demand for sand, which is a considerable boon to Malaysia.

"The market for sand export is extremely humongous and will fuel the Group's rapid growth for the next several years. The RM3.79 billion Win is the first of many more to come."

"I have in fact urged my team to secure up to RM10 billion worth of sand contracts by the end of 2021. This is part of our overall transformation strategy to become a multi billions conglomerate," declared Dato Seri Chia.

"It is our core strategy to strengthen and diversify the Group's revenues generation capabilities and capacities and not be too narrowly focussed."

"Presently, we are already in negotiations for another RM2 to RM3 billion sand contract. Once finalised, we will make the relevant announcement as per Bursa Malaysia's requirements," Dato Seri Chia elaborated.

The sand would be procured from an approved permit holder to export sand overseas, and sourced from concession areas in Sandakan and Sungai Beluran in Sabah and throughout Malaysia.

"Even with this massive sand contract already secured, we will not be complacent. I have earlier promised to transform Vivocom into a behemoth Conglomerate and I will work non-stop to deliver on the promise," Dato Seri assured.

Since Dato Seri Chia's entry into Vivocom in January 2020 when its price was at 15 cents, the share has climbed sharply and last closed at RM1.06 on Thursday, 25th February 2021.

"I am very optimistic that Vivocom shares will continue to grow strongly and be worth a lot more than presently over time. I'm proud to say that we are no longer a penny stock," he reflected.

"My team is totally committed to building Vivocom into a reputable and profitable public company, one with solid fundamentals, sustainable profits and healthy cashflows."

"As a priority, we will work towards getting the Group elevated to the Main Board of Bursa Malaysia and be a dividends-paying company soonest possible," quipped Dato Seri.

To show his commitment, Dato Seri Chia has undertaken a voluntary self--imposed moratorium (or SIM) in that he will not dispose his personal stakes in Vivocom for the next 3 years. This will ensure the company's long-term price stability and sustainability.

"We want a stable and strong share price so that the Company can use its shares with its high liquidity as a currency for M&A activities to fund and fast-track expansion and growth," he explained.

"A strong share with high liquidity is a most valuable and prized asset. We will use it to buy Companies with game-changing and disruptive strategies. To look for the Next Big Thing."

"The enormous followings in the Company are what is driving in tremendous liquidity and momentum giving our share price added impetus," Dato Seri proudly asserts.

"We aspire to emulate Berkshire Hathaway strategy started over 40 years ago by Mr Warren Buffet. Mr Masayoshi Son built SoftBank Group of Japan along the same philosophy and Alphabet in US adopted similar strategies."

"These three companies are presently amongst the most valuable and admired companies in the world. I have the same dream for Vivocom. I am determined to leave behind an enduring legacy for all our valued shareholders," concluded Dato Seri Chia.

UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors - Brand Spur
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