The Managing Director and Chief Executive Officer, Courteville Business Solutions Plc, Mr. Adebola Akindele, has expressed concern over price crash of his company’s stock at the Nigerian Stock Exchange (NSE) but insisted he was not going to throw money at it to boost the share price.
The foremost e-business solutions and advisory company and FTN Cocoa Plc, are the only stocks on NSE Premium Board traded at ridiculously low price of 20kobo per share.
Although Akindele noted that CBS share price crashed after the NSE removed the 50kobo par value base, he insisted that 20kobo price per unit of the stock was not a fair value of CBS Plc going by the audited financial report of the company as at December 31, 2017.
“The market is playing pranks. The market expects we are going to start throwing money to boost the share price. We will not do that. We are not interested in throwing money at our stock to boost transactions and price. It is not proper,” said the CBS boss in a telephone chat.
Three consecutive years of poor financial performance have constrained the firm from its well-known culture of paying dividends to investors. Now it is looking to return to profit this financial year, raising shareholder’s hope of returns on investment next year.
“This year, we are back on the upswing. We are on course to making N200 million profit for 2018. We’re growing, expanding business even though the economy is challenging. That means by the figures, we will return to our dividend paying culture by 2019,” Akindele told this reporter.