The management of Vitafoam Nigeria Plc and Vono Products Plc is hereby notified the Dealing Members on the floor of The Nigerian Stock Exchange (NSE) that Vitafoam Nigeria Plc and Vono Products Plc have obtained Court’s Sanction of their Scheme of Merger effective Friday, March11, 2016.
In the statement disclosed that the two companies had earlier secured their respective shareholders and SEC approval for this transaction. At the conclusion of the merger process, Vono Products Plc will be dissolved and de-listed from the Daily Official List of The Exchange.
Dealing Members and all stakeholders are hereby notified that effective Monday, March 21, 2016; trading on the shares of Vono Products Plc will be suspended on the floor of The Exchange.
Transactions on Vitafoam Nigeria Plc will however, continue as it will become the surviving entity from the merger of the two Companies. This is in line with Rule 21.1: Suspension, Cancellation and Withdrawal of Listing, Rulebook of The Exchange, 2015 (Issuers’ Rules).
Speaking on the prevalence of fake products in Nigeria, the Group Head, Sales and Marketing, Vitafoam Nigeria Plc, Sola Owoade, noted that companies were co-operating with the statutory organizations such as the Standard Organization of Nigeria (SON) on surveillance in order to arrest the perpetrators.
Meanwhile, the Acting Managing Director, Vono Products Nigeria Plc, Tunji Anjorin, recently drawn attention to the rise of substandard bedding products such as mattresses and pillows in the market, asking regulatory bodies to mount guard on the spread of unhealthy mattresses.
Anjorin, who spoke during the unveiling ceremony of the company’s hospital furniture at the Ilupeju factory in Lagos on Thursday, appealed to the Standard Organisation of Nigeria (SON) to “intensify surveillance efforts on those who manufacture these fake products” as counterfeit bedding pose health risks.
He also spoke on the need for increased public awareness on the importance of foam mattresses to healthy living and comfort .
“One of the challenges facing local manufacturers of bedding products in the country is the influx of adulterated products in the market.”
In another development Ecobank Transnational Incorporated has changed of registrar. According to the management, in notification statement to The Nigerian Stock Exchange disclosed that the Ecobank Transnational Incorporated (ETI) has commenced the process of transferring its Register of Members from its current Registrars (EDC Registrars Limited) to the newly appointed Registrar – GTL Registrars Limited. The transfer is expected to be completed by Thursday, 31 March 2016.
