The Managing Director and Chief Executive Officer, Courteville Business Solutions Plc, Mr.
Adebola Akindele, has expressed concern over the depreciation in the prices of company’s stock at the Nigerian Stock Exchange (NSE) but insisted that 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 are the only stocks on NSE Premium Board traded at ridiculously low price of 20 kobo per share.
Akindele in a chat noted that CBS share price crashed after the NSE removed the 50kobo par value base, but 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 firms three consecutive years of poor financial performance had constrained the company 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.
But this year, the company has returned back on the upswing, showing that the company is on course to making more profit for 2018.
The MD said that the company was growing, expanding business even though the economy is challenging.
This according to him means that the company will return to dividend paying culture by 2019.
The company chief while reacting to the crash in price of the company’s stock trading at 20kobo per share on the Nigerian Stock Exchange (NSE) blamed it on the market.
“How can 20kobo be a fair value of our stock? CBS is doing far better than the share price suggests,” he added