Beta Glass Plc will issue shareholders one new share for every five owned by them, its board of directors said on Friday, 14 years after the glassware manufacturer last announced a scrip issue.
The bonus will be accompanied by a dividend per share of N1.10 summing up to N550 million for 2021, which compares with the N520 million paid for the preceding year.
Both rewards are subject to stockholders’ assent at the forthcoming annual general meeting.
The Nigerian unit of Athens-based glass maker Frigoglass had a remarkable financial outing last year when it posted N5 billion in after-tax profit, translating to 43 per cent surge, after revenue jumped to N37 billion.
According to a regulatory filing at the Nigerian Exchange Limited, the bonus and the cash reward will go to “shareholders whose names appear on the company’s register of members as at June 10, 2022.”
Frigoglass wields a 70.1 per cent stake in the firm.
In October2019, Beta Glass announced that a $30 million investment for expansion of the furnace capacity at its Agbara, Ogun State plant would be delivered in June 2020.
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