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Union Diagnostics shops for N1bn
Union Diagnostic and Clinical Services Limited is gearing up to become the first company of that nature to be listed on the Nigerian Stock Exchange. In this regard, the company is finalising arrangements to get listed.
The Managing Director of the UDCS, Dr. Olusola Akinniyi, said in a statement on Saturday that the company would be listed by introduction at the close of its ongoing private placement.
The company, which was established in 1994, is currently floating a private placement of 550m ordinary shares of 50 kobo each at N1.85k per share. Akinniyi explained that 70 per cent of the proceeds (N1.018bn) from the private placement would be used to procure more equipment for the company, while 20 per cent would be channelled into branch expansion and 10 per cent to enhance working capital.
He said that the listing would afford the opportunity for those buying the shares through private placement to trade and enjoy capital appreciation and other benefits derivable in the trading of shares.
Besides, he said that the listing was in line with the determination of the company to ensure transparency and probity in its operations.
According to him, the company had satisfied all the listing requirements of the NSE and was only waiting for the compilation of a comprehensive list of its shareholders, which he said, would be submitted immediately after the private placement was over.
The company gets referrals from hospital and makes diagnosis. Akinniyi said that it had pioneered several diagnostic and other related services in Nigeria.
Source:
The Punch
Wednesday, September 05, 2007
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