Newly Listed Resort Savings and Loans
Gains 4 kobo
Shares in newly listed Resort Savings and Loans Plc jumped 4 kobo yesterday even as management has assured shareholders that the company would pay dividend at the end of the current financial year.
Resort shares which were listed at N0.95 per share, closed at N0.99 as soon as investors picked up 11.05 million units in 4 deals.
Managing director of the company Abimbola Olayinka told stock brokers at the Nigerian Stock Exchange after the listing that shareholders could not get dividends from the profit that was recorded during the financial year to December 31, 2008 because of the regulatory insistence that all previous year losses must be written off but assured that this would be done for the current year ending December 31, 2009.
The bank's main focus is to target areas of need for its services and make its presence felt to meet these needs. This explains why the bank has real estate projects across the country”, he said.
According to Olayinka, the bank intends to grow profit before tax to N3.2 billion by 2010 and this is expected to be driven by an estimated N7 billion investment in real estate and N1 billion in fixed assets respectively.
“We are collaborating with other real estate developers in building affordable houses which will be funded using the NHF loans. We are sourcing foreign loans from abroad for executing construction of estates in prime areas of the country”, the CEO added.
Source: BUSINESSDAY, TUESDAY 24 NOVEMBER, 2009 PAGE 49
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