Ellah Lakes CEO dissects ₦3.1bn debt to equity conversion
Ellah Lakes has converted its 3.1 billion naira debt to equity, leading to the listing of an additional 1.1 billion ordinary shares on the Nigerian Exchange. According to agribusiness company’s unaudited financial statement for the second quarter ended 31st January, its revenue stood at 18.96 million naira. Chuka Mordi, CEO of Ellah Lakes joins CNBC Africa for more on these and near-term plans.
Mon, 10 Mar 2025 14:11:03 GMT
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AI Generated Summary
- Ellah Lakes converted 3.1 billion naira debt to equity, leading to the listing of 1.1 billion additional shares on the Nigerian Exchange, enhancing transparency in the company's capital structure.
- The focus on organic growth and acquisition strategies underscores Ellah Lakes' commitment to long-term sustainability and profitability in the agribusiness sector.
- The company expects positive cash flows soon from its investments in oil palm cultivation, signaling a significant shift towards financial stability and growth potential.
Agribusiness company Ellah Lakes has recently converted its 3.1 billion naira debt to equity, resulting in the listing of an additional 1.1 billion ordinary shares on the Nigerian Exchange. The company's unaudited financial statement for the second quarter ended 31st January revealed a revenue of 18.96 million naira, showcasing its steady growth trajectory. Chuka Mordi, the CEO of Ellah Lakes, shed light on this strategic move and the company's near-term plans during a recent interview with CNBC Africa. Mordi emphasized the significance of cleaning up the company's balance sheet through this debt-to-equity conversion, highlighting the transparent capital structure that would facilitate planned acquisitions and expansion efforts. Ellah Lakes' focus on organic growth through agricultural production and the acquisition of new targets underscores its commitment to long-term sustainability and profitability.
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