APO News from Africa:
Vardospan vision for 100% black-owned bank still alive – Hamza Farooqui in for the long haul:
Hamza Farooqui of Vardospan comments on the latest Court developments regarding his attempt to create a 100% owned challenger bank:
“The urgent application brought by Vardospan to compel the South Africa Reserve Bank and the Finance Minister to take a decision regarding the applications for permission to purchase the shares in the Habib Overseas Bank, was struck from the roll for a lack of urgency.
“In other words, the Court found that the facts and circumstances of the case did not entitle Vardospan to an urgent determination of the merits in the application on the urgent court roll. This means that the merits of the application have not been determined and remain alive.
“The application can now be pursued in the ordinary course and not as an urgent application. The parties to the sale of shares agreement are still at liberty to agree and extend the ‘long stop date’ of the sale of shares agreement beyond 31 March 2017. SARB and the Finance Minister are also nonetheless still required to take a decision in the applications for permission.
“I, and Salim Essa, are in for the long haul, and am not going away. This country needs more 100%-owned black challenger banks and it is my dream and vision to create one, whether it takes 3 months, 3 years or 10 years.”
Distributed by APO on behalf of Vardospan.
Contact: MediaDesk@Vardospan.com
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Source: APO – Africa-Newsroom: latest news releases related to Africa
The Nigerian Stock Exchange X-Gen News Alert – UAC of Nigeria Plc:
Company Name: U A C N Plc. (www.UACNplc.com)
Company Symbol: UACN
[UACN]>> Company Reports
UAC of Nigeria Plc
Audited Financial Statements for the Year Ended December 31, 2016
Dec 2016 Dec 2015
N'M N'M
Revenue 84,607 73,771
Cost of Sales (67,251) (56,963)
Profit before Tax 7,775 7,733
Taxation (2,108) (2,570)
Profit after Tax 5,667 5,163
Dividend Declared 100K 100K
Distributed by APO on behalf of The Nigerian Stock Exchange Corporate News.
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Source: APO – Africa-Newsroom: latest news releases related to Africa
The Nigerian Stock Exchange X-Gen News Alert – Chams Plc:
Company Name: Chams Plc (http://ChamsPlc.com)
Company Symbol: CHAMS
[CHAMS]>> Company Reports
Chams Plc and Its Subsidiaries
Audited Financial Statements for the Period Ended December 31st, 2016
December 2016 December 2015
N'000 N'000
Revenue 1,482,037 1,610,478
Cost of Sale (788,580) (1,221,521)
Profit before Tax (1,471,917) (3,393,020)
Taxation (46,696) (12,296)
Profit after Tax (1,518,613) (3,405,316)
Basic Loss per Share (K) (25)K (69)K
Diluted Loss per Share (K) (30)K (69)K
Proposed Div (K) —
Distributed by APO on behalf of The Nigerian Stock Exchange Corporate News.
X-Gen News Alert offers Corporate Disclosure Information from the Nigerian Stock Exchange via Email.
Features
Financial News Headlines from Listed Companies;
Data Coverage on Nigerian Stock Exchange Equities;
News items are delivered to you on a Real Time Basis.
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Timeliness: Investors are able to make quick decisions on timely information;
Integrity of Information: News items are delivered from source;
Consistency: Corporate Disclosures from listed companies are delivered to you from a single source via Email.
Contact the Nigerian Stock Exchange Market Data Team for more information on +234 (1) 448 5857 or e-mail MarketData@NSE.com.ng.
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Source: APO – Africa-Newsroom: latest news releases related to Africa
