Geregu Power is seeking shareholders’ approval to amend its Memorandum and Articles of Association to boost corporate governance and investor confidence.
This was disclosed in a notice it filed with the Nigerian Exchange Limited during the Annual General Meeting on Thursday, according to The Punch.
The power generating company said that it would be seeking approval to amend its Memorandum and Articles of Association to read: “Article 21- ‘Fully paid shares shall be free from any restriction on the right of transfer and shall also be free from all lien, except as otherwise prescribed by the operation of law’.
“Article 72- ‘‘Unless and otherwise directed by a resolution of the general meeting of the company, the number of directors of the Company shall not be less than 6 or more than 13’ Article 91- ‘The borrowing powers of directors are limited so that the aggregate amount at any time owing in respect of money borrowed by the company and its subsidiary companies (exclusive of inter- company borrowings) shall not exceed a reasonable amount except with the consent of the company in general meeting.”
During the meeting, shareholders are expected to approve the report of the directors, statement of financial position with the statement of profit or loss and other comprehensive income for the year ended December 2023, declare a dividend, ratify the appointment of Olukunle Oyewole, and re-elect some directors.
Geregu Power Plc exceeded the N1tn market capitalisation mark in January and until early March was the only energy company listed on the exchange, when Transcorp Power Plc was listed.
At the close of business on Thursday, Geregu’s share price was N1,000 and its market value was about 2.5 trillion Naira.
In 2023, Geregu Power’s revenue increased by 74.11 % from N47.62 billion in the previous year to N 82.91 billion.
That was the highest revenue it had earned in the last five years.
The company’s annual report showed that another major overhaul of the gas turbines was estimated to cost N31.62 billion and 50 per cent would be financed through cash generated from its operations, while the balance would come out of debt.
