According to the company, the board resolved to convene an extraordinary general meeting on
The company had early in the year said it was suspending its operations for now in the country. According to the Chairman of the company, Mr Adedayo Olowoniyi, the company worked assiduously to prevail through the challenging business environment, but still had issues in terms of cost-recovery through several price increases in the market, despite adopting cost reduction measures and driving efficient methods.
"The trends that have started mid 2018 still continues in the first (fiscal) quarter of 2019. As a result of increased competition and a stagnant market for steel drums, we do not see an improvement happening in the near future.
Meanwhile, the stock market posted a marginal gain yesterday as the NSE All-Share Index rose 0.02 per cent to close at 26,665.73, while market capitalisation added N2.6 billion to be at N12.9 trillion. As a result, the year-to-date growth settled at 15.2 per cent.
The level of activity level declined as volume and value traded fell 29.9 per cent and 33.4 per cent to 232.7 million shares and N3.2 billion respectively. The banking stocks maintained dominance with
In terms of price movement,
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