Custodian Investment Plc to Acquire Minority Shareholders of UPDC

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Custodian Investment Increases Revenue By 14% To N85 Billion In 2021
Custodian Investment Increases Revenue By 14% To N85 Billion In 2021

Following the approval of the Securities and Exchange Commission via the Commission’s letter dated May 18, 2021, Custodian Investment Plc, has been authorized to proceed with a Mandatory Takeover (MTO) Offer to be made to Minority Shareholders of UACN Property Development Company Plc (UPDC) for the purchase of up to 34,415,332 (Thirty-Four Million, Four Hundred and Fifteen Thousand, Three Hundred and Thirty-two} Ordinary shares of 50 kobo each, at a price of 90 Kobo per share.

UPDC Custodian Investment Reports 111% rise in Profit After Tax to ₦12.6Bn in 2020 Brandspurng

The Qualification Date for the Offer will be May 14, 2021, and Shareholders whose names appear on the Register of Members as of the date, other than UAC of Nigeria Plc and Custodian Investment Plc are eligible to participate.

The Offer is expected to open on May 31, 2021, and close on July 2, 2021.

Custodian Investment Reported 111% rise in Profit After Tax to ₦12.6Bn in 2020

  • Gross earnings rose by 22.2% from N61.4 billion in 2019 to N75 billion in 2020.
  • Profit before tax rose jumped 69% from N8 billion in 2019 to N13.6 billion in 2020.
  • Profit after tax rose by 111% from N6 billion in 2019 to N12.6 billion in 2020.
  • A 67% rise in claims and claims-related expenses from N28.1 billion in 2019 to N47.1 billion in 2020. That led to a net loss of N2.5 billion. This was offset by a sharp rise in net fair value gains due to the UPDC deal.