THE Managing Director and Chief Executive Officer of the Berger Paints Nigeria Plc, Mr. Peter Folikwe has pledged to lift shareholders returns.Speaking while addressing the management of the Nigerian Stock Exchange (NSE) during a courtesy visit, he said the company has acquired new machinery described as one of the best in Sub-Sahara Africa.
He stated that the new machine was designed to produce top quality and innovative products at reasonable prices that would translate into higher value and returns for shareholders and other stakeholders.
The machine, he added, is expected to reduce inefficiency, increase the company’s turnover and market share.
Folikwe, who was accompanied by the company’s top management team explained that Berger Paints had embarked on other growth strategy such as strengthening of its managerial capacity, restructuring of sales , distribution marketing and upgrade of plants in order to boost the top and bottom lines for enhanced shareholder value.
According to him, “Specifically, we are on the track to build the first automated paint manufacturing plant in the Sub-Sahara Africa. When completed, it will revolutionize our production and distribution processes, enhance product quality and delivery and reinforce our competitive edge.
“As a stakeholder in the stock market, Berger Paints identify with all the efforts being made by the Exchange to attract more investors both retail and institutions to participate in the market. In no distant time, the NsE would celebrate more listing of blue chip companies. As a proud winner of the prestigious annual President’s Merit Award of the exchange several times in the past, Berger Paints shall continue to uphold the sanctity of the post listing requirements which place premium on full disclosure at all time.”Earlier in his comment, Chief Executive Officer of the NSE, Mr. Oscar Onyema congratulated the board and management of Berger Paints Plc for sustaining a long legacy of corporate excellence. Onyema advised the company’s management to uphold the highest standard of corporate governance in other to be on the Exchange’s Premium Board Index for companies that excel in corporate governance.
Speaking on behalf of stockbrokers, the Chief Dealer, Compass Investment and Securities Limited, Mr Sam Ndata also congratulated the board and management team of Berger Paints.
Ndata advised them to take advantage of corporate events such as ‘Facts behind the figures’ to update the market on the development in the company.
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