The Nation reports that the Board of Directors of Afriland Properties Plc has recommended distribution of about 124.9 million ordinary shares of 50 kobo each to shareholders of the company as bonus shares for the immediate past business year.
Shareholders in the book of the company as at the close of business on Tuesday, March 7, 2017 will receive one bonus share for every 10 ordinary shares of 50 kobo each held as at the qualification date. The company plans to capitalise a total sum of N62.45 million from the balance standing to the credit of its share premium account by December 31, 2016 to create the bonus shares.
Afriland Properties also plans to increase its authorised share capital from N675 million to N686.95 million by creating additional new shares of 23.90 million ordinary shares of 50 kobo each, which shall rank pari passu with the existing shares of the company. Thus the Memorandum of Association of the company will be amended to indicate that its share capital is N686.95 million divided into 1.374 billion ordinary shares of 50.
Shareholders of the company are expected to vote on the bonus shares and increase in share capital at the annual general meeting next week in Lagos.
Afriland Properties had in 2013 started implementing a five-year strategic plan that will enhance its asset base and create value for shareholders.
Afriland Properties Plc Chairman, Erelu Angela Adebayo, said the five-year growth plan would lead to development of many projects.
According to her, the growth plan will see the company moving progressively from facilities management into the construction of large-scale commercial and residential properties in Lagos and Abuja.
She noted that the malls and estates the company plans to build will not only enhance the lives of ordinary Nigerians but reflect great opportunities for our company and our shareholders.
“We are now in the second year of implementation, which will consolidate Afriland Properties’ unique position in Nigeria’s property industry and establish a foundation for our expansion to other parts of the country,” Adebayo said.
Afriland Properties was spun off from United Bank for Africa (UBA) Plc and merged with Heirs Real Estate Limited in December 2013. The merger aligned the long-term interests of both companies and leveraged on their complementary strengths to expand operations and expertise.
With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.