By John Okoh
A total of 800 million units’ ordinary shares of Global Spectrum Energy Services Plc was listed on the main board of the Nigerian Stock Exchange at a price of N5 at 50 kobo per value. The listing has added N4 billion to the NSE market capitalisation.
Addressing stockbrokers and financial journalist at a fact behind the listing session, the company chief executive officer, Colm Doyle said the company’s mission is to expand and diversify its products base to further strengthen the business capacity and profitability of the company.
He explained that their expansion strategy consists of refined petroleum products supply and distribution tank farm and pipe manufacturing, blending of lubricants, vessel fleet expansion, tanker, petrol vessels.
He noted that the company has acquired a prime waterfront site in Rumoulumeni, Port Harcourt for the development of a 50 million litres capacity tank farm with storage capacity for refined petroleum PMS, AGO, DPK and a 6,000 metric tonnes LPG strong facility.
Doyle said a total of $200 million will be used for the business, the breakdown shows that $15 million will be used for tank farm/blend plant, $35 million for vessel fleet and $150 million for Pipe Mill. On the issue of dividend, he said 30 percent of profit after tax will be used for dividend to shareholders.