Kajola Integrated to raise additional capital through rights issue
KAJOLA integrated Investment Plc has unfolded plans to raise additional capital through rights issue from existing shareholders.
Speaking during the 2014 yearly general meeting of the company in Lagos at the weekend, the company Chairman, Professor Wale Omole explained that the company is currently restructuring its operations, as wells identifying various growth strategies that would enhance profitability.
“We are going to come up with rights issue most likely before the end of this year. We are restructuring our operations and we will look at all the data to decide when we are going to do it. We will come up with a time that would be at every body’s interest and the amount to be raised would be discussed during our strategic meeting.”
He explained that the board is taking necessary steps towards expanding its operations, especially in the areas of real estate investment and bakery, adding that the Kajola Terrace Apartments of the company is near completion.
“The project management team has given assurance to deliver the project in a few months from now. We are into a lot of properties and we would continue to invest in properties. WE are very optimistic of the future. We believe that the board and the management are poised to returning your company back to profitability, having set in motions mechanism to drive its plans ,” He added.
Omole pointed out that the management of the company embarked on aggressive debt recovery exercise, adding that the huge debt on the firm’s risk asset portfolio has been reduced significantly.
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