Ellah Lakes Plc has commenced its special equity placement, noting that it will be concluded in first-quarter (Q1) 2024. The company noted this in a statement on its post-Rights Issue and ongoing operations released at the Nigerian Exchange Limited (NGX).

Ellah Lakes Plc concluded its Rights Issue which was well subscribed, raising just over N250 million and significantly deleveraging the Company via a Debt for Equity conversion.

Chuka Mordi, Chief Executive Officer, Ellah Lakes Plc while speaking on the second-quarter (Q2) earnings results of the company said “Despite the headwinds faced in the past few years, during the past quarter the Company achieved significant milestones which have put it back on track towards generating operating cashflow and profitability in the near term”.

Read also: NGX Group reports N5.2bn full year 2023 profit, to pay N1.5bn as final dividend

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He said, “On the side of operations, an additional 1,100 hectares has been cleared at the plantation in Edo State, and planting will commence this season as we are in the process of ordering seedlings for this exercise.

“Similarly, the Soybean planting programme will also commence this planting season. We also expect to conclude the installation of our CPO mill which, following the resolution of our community issues, should be fully operational by the third quarter of 2024.

“Given the current Macro environment, we feel validated that we have moved the Company in this direction of import substitution in the Agribusiness space, and look forward to growing year-on-year with our shareholders”.

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By Iheanyi Nwachukwu • March 6, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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