Ilushin Property Restricted says it has determined to lift capital via the prevailing shareholders to enhance rubber manufacturing in Ogun State.
In line with a press release, the Commissioner for Agriculture, who doubles because the Chairman of the Board of Administrators, Ilushin Property Restricted, Bolu Owotomo, acknowledged this throughout a board assembly held in Abeokuta.
Owotomo was quoted as saying that the capital elevating train via current shareholders is the primary because the firm was established in 1957.
“The correct problem of 201,000,000 extraordinary shares of N1.00 every at 2.49k per share to current shareholders will allow the corporate to fulfill up with its quick and medium-term obligations,” he famous.
He mentioned the restructuring of Ilushin Property Restricted was necessitated to optimally utilise the corporate’s property; as funds raised would guarantee extra land is cultivated, enhance workers welfare, and improve productiveness.
Owotomo defined that Ilushin Property Restricted seated on over 4,000 hectres of land was not maximally utilise prior to now, promising that planting operation would begin, the place 240 hectares of rubber can be planted this 12 months, 480 hectares subsequent planting season.
The objective, he mentioned, was to plant a complete of 2000 hectares of rubber throughout the subsequent 4 to 5 years.
In his remarks, the Common Supervisor, Otunba Olaitan Obisanya, applauded the commissioner for his dedication to restructuring the property and bringing it to an enviable place.
