Business
Cadbury Extends Rights Issue
Cadbury Nigeria Plc has extended the date of its Rights Issue directed towards raising N22.2 billion by one week which ended by 30th October 2009 to encourage continual patronage by shareholders.
This was due to the fact that many shareholders informed the company that, they had not received or had recently received their Right Circulars and needed more time to make adequate decisions, Mr Kufie Ekanem, the Corporate Affairs Manager said. The company therefore, extended the period of the offer for one-week. Thus, the Right Issue of the Cadbury Nigeria Plc came to a close on Friday 30, October 2009.
Therefore, shareholders are urged to use this extended opportunity to participate in the offer.
According to Mr. Alan Palmer, the Managing Director, Cadbury Nigeria Plc, the proceeds of this Rights Issue will be used to repay the company’s bank borrowings which will in turn reduce the company’s interest burdens. The remaining of the proceeds will be used to fund improvements of the company’s capacity in supporting infrastructure, efficiency initiatives and upgrade of facilities.
“We have been motivated by all the positive comments received in our stakeholder sessions on our Right Issue and on the rebuilding of Cadbury Nigeria” Ekanem said.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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