AFRILAND PROPERTIES PLC AND HEIRS REAL ESTATE MERGE
On the 20th of Dec 2013, at the Lagoon restaurant, the court- ordered meeting of the shareholders of Afriland properties was convened to adopt the merger between Afriland Properties Plc and Heirs Real Estate, with Afriland Properties PLc being the surviving entity.
A poll was taken and the motion was adopted for the merger. As a result of the share capital of Afriland Properties was increased from N500,000,000 (Five Hundred Million Naira), comprised of 1,000,000,000 (One Billion) ordinary shares of 50 Kobo each, to N675,000,000 (Six Hundred and Seventy Five Million Naira) comprised of 1,350,000,000 (One Billion Three Hundred and Fifty Million) ordinary shares of 50 kobo each.
It is believed that the merger will provide the following benefits and opportunities to shareholders and other key stakeholders of the company:
- Increase Afriland Properties capital base, thereby enable the company to grow its income and take on substantial real estate investments.
- Enable Afriland Properties to leverage on the real estate investment of Heirs Real Estate.
- The merger will provide long term assets with a robust and diversified real estate portfolio with steady income stream.
- The merger will provide additional revenue streams with no duplication and higher operating efficiency.