Shareholders of Cutix Plc have approved resolutions increasing the authorised share capital of the company through creation of additional one billion ordinary shares of 50 kobo each.

At an Extraordinary General meeting (EGM), shareholders approved the increase in authorised share capital of the wire and cable company from N1.436 billion consisting of 2.872 billion ordinary shares  of 50 kob0o each to N1.936 billion consisting of 3.872 billion ordinary shares of 50 kobo each.

The newly created 1.0 billion ordinary shares of 50 kobo each will rank in all respect with the existing ordinary shares of the company.

With the approval, the meeting also authorised the board of directors to amend the company’s memorandum and articles of association to reflect the new authorised share capital.

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