BusinessDay
NigeriaDecides2023

Courteville considers NGX exit over low share value

The group managing director of Courteville Business Solutions Plc. Adebola Akindele has announced the company is considering temporarily pulling out from the Nigerian Stock Exchange (NGX) due to its low market share value.

Akindele, who disclosed this at the firm’s Annual General Meeting (AGM), said despite the huge profits and return on investment, its shares have not been properly valued in the market over the past 10 years, hence the pullout from the NGX to enable the company re-strategise.

“We are considering pulling out from the Nigerian stock exchange temporary. Our shares have not been adequately valuable over the past 10 years. We make huge return on investment, but the market price of our stocks is less than its value, while other companies that are not doing better like us, the stock is highly-priced. The shareholders have testified about what we have achieved over the past 14 years,” Akindele said.

“This will allow us go back and revisit our strategy. Once we are better packaged and with better strategy, we can come out and meet the investment community once again, in a better standing than what we are now,” he added.

Akindele noted that despite the economic challenges, the company would continue to provide effective business solutions around automation for the daily transactional and personal needs of the public and private sectors.

Read also: NGX calls on corporates to take positive actions towards sustainability reporting

On the company’s new subsidiary, the GMD said it is a full-time company that combines agency banking and I.T solutions around payment and collections of funds from people generally, adding that it has been given license in principle by the Central Bank of Nigeria (CBN).

The Chairman of the company, also said that the company would continue to increase efforts to provide services that would add value to the citizens through Corporate Social Responsibility (CSR) activities and make living easier for the community.

He added that the company will keep innovating and improving the existing products and services in line with recent technologies to provide superior services to clients, while actively taking advantage of opportunities that arise and delivering solutions that match standards across the world.

Announcing the financial statement for the year 2021, Irunna Ejibe, the firm’s independent non-executive director who represented the chairman, said the company’s turnover was N2.1 billion, while the profit before taxation was N556 million, an improvement from the previous year.

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