Greif Nigeria Shareholders Demand Bonus

Shareholders of Greif Nigeria last week requested the board of the company to give them bonus shares and interim dividend for its 2013 Annual Operational Results.

They made the request at the company’s 74th annual general meeting of the company in Lagos.

The shareholders said that the requests, if accepted, would compensate them for supporting the company which has been in operation for more than seven decades.

According to reports, Greif Nigeria is a steel manufacturing company listed on the Nigerian Stock Exchange (NSE).

The shareholders said that there was need for the company to have a defined dividend policy.

One of the shareholders, Mr Sunday Akinsanya,said that he was encouraged by the company’s performance and projected stream of income in the next five years.

He said that the projections and anticipated earnings forecast by management and board projections encouraged the shareholders to demand for an interim dividend and bonus in 2013.

Mr Timothy Adesiyan, the National President of the Nigerian Solidarity Shareholders Association, said that there was the need for the company to assert itself by shoring up their image.

Earlier, Mr Louis Wentzel, Chairman of the company, said that the management would target enhanced profitability in 2012.

He also said that it would identify market opportunities, improved efficiency and reduction in operating costs.

The Tide source  reports that the company’s 2011 annual report showed that its turnover increased to N879.49 million from N784.67 million in 2010.

Profit after taxation, however, dipped to N38.38 million from N43.63 million in the previous year.

Shareholders also endorsed a dividend pay-out of N12.79 million or 30k per share.