Skip to main content

CUTIX PLC HOLDS 35TH AGM, ELECTS NEW CEO, DIRECTORS

CUTIX PLC, cable manufacturing company based in Nnewi, Anambra State,  on Friday held its 35th AGM at Conv-Aj Center, Nnewi, where the company elected new Chief Executive Officer, CEO, Mrs Ijeoma Oduonye, who is expected to resume duty on 1st November, 2018.

Mrs Oduonye, is the immediate past Company Secretary, of  CUTIX PLC, she will replace Mr. Ifeanyi Uzodike, whose tenure as CEO will end on October 31st this year.

Dr. Chidozie Nsoedo, Mr. Matthias Umego and Mr. Vincent Ike were elected into the Board of the Company; via single resolution of shareholders, to fill vacant positions created by voluntary resignation of Dr. John Mbonu, Arc. Mansur Ahmadu and Engr. Olufemi Akintunde.

The Annual General Meeting, attracted Directors, from all over the country with over 800 shareholders in attendance.  The Company Secretary, Registrars, Auditors, Financial Advisers, representatives of the NSE and NSEC, also evaluated Reports of Directors, Statement of Profit and Loss and other Comprehensive Income as at 31st April, 2018; together with report of Auditors, which was adopted by the shareholders.

The shareholders, during the AGM, also approved payment of 20k per ordinary share of 50k each; payable from the 6th November, 2018.

Other major agendas  treated during the 35th AGM also include, fixing of Auditors remuneration. Members of the Audit Committee were also elected; two from each of the Directors and Shareholders.



Williams Enoabasi, a shareholer of the company who spoke to our corespodent during the AGM,  commended the management of Cutix Plc for working hard to break even, despite unfavourable operating conditions that characterized 2018 fiscal year.

They praised the outgoing CEO, Ifeanyi Uzodike,  and the incoming CEO, Ijeoma Oduonye, as well as the chairman, directors and the entire workforce that saw, that the company did well in 2018 despite unfavourable operating environment in Nigeria.l

Speaking to newsmen after the event, the company's chairman, Engr. Okechukwu Mbonu, said that based on the 20k per share dividend approved, total dividend payable will be N176,132, 202; adding that profit after taxation is N440, 295, 00; even as the company's profit to be carried forward is N264, 263, 00.

He said that the environment upon which industries operate in Nigeria has remained very challenging; adding that economic instability with Nigeria's multi decade long electricity problems were mitigating factors that compelled companies to rely on relatively more costly AGO powered generating sets; to operate busineses. He therefore called on government to see to it, that the issue of power is resolved so that it will help industries in the country to thrive.

He said, however, that despite the challenges, CUTIX PLC still recorded positive changes during the 2018 fiscal year. 

Asked why CUTIX PLC was able to make profit and declare 20k per 50k Ordinary share despite challenging business environment,  Ijeoma Oduonye,  new CEO for the company said because of its commitment to ensuring the distribution of returns fairly to all  stakeholders, CUTIX PLC is managed in a way that ensures long term shareholders value, and takes into account the interest of all stakeholders.


Popular posts from this blog

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate
Read more

BREAKING NEWS: NARD SET TO CALL OF STRIKE AFTER SENATE'S INTERVENTION

••• Cancels Planned National Protest Striking members of the Nigerian Association of Resident Doctors (NARD) are set to call off their two week old strike after a closed door meeting with Principal Officers of the Senate on Tuesday.  Adressing the media shortly after the closed door meeting with President of the Senate, Godswill Akpabio and other Principal Officers of the Senate, National President of the association, Dr Emeka Innocent Orji, stated "we had a very fruitful meeting with the Senate led by the President of the Senate and from our discussions with them, we are very hopeful that when we table our discussions today before the NEC, something positive would come out. "From our interaction with the President of the Senate and the practical demonstration he did before us today, we are very confident that there would be light at the end of the tunnel in the next 24 hours. "Because of the intervention of the President of the Senate, who is the number three citizen an
Read more

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to  The Nation , the Iceland cult leader was reportedly feared dead after the operation.   Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA.   2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during the operation.  
Read more