UPDC Appoints Wole Oshin As Board Chairman
UACN Property Development Company Plc (UPDC) has appointed Wole Oshin as its new Board Chairman to replace Babatunde Kasali, who resigned from the Board.
Appointment of Oshin is the second key decision by the company within the week after the announcement on Monday, of the redemption of the N4.355bn Series 1 Bonds on 26th of April, 2021, together with accrued Coupon to its bondholders.
According to UPDC, the bond is a N4.355bn five years, at a 16 per cent rate Senior guaranteed Series 1 bond due in 2023 under the N20bn bond issuance programme would undergo early redemption at the option of the issuer.
Folake Kalaro, Company Secretary/Legal Adviser Wednesday, said Oshin’s appointment would ensure stability and growth for the company.
Oshin’s appointment is expected being the Group managing director of Custodian Investment Holdings, a majority stakeholder in last August’s acquisition of 51 per cent of UPDC
The statement read in part, “UACN Property Development Company Plc wishes to announce the appointment of Wole Oshin as the new Chairman of the Board of the Company, following the resignation of the former Chairman, Babatunde Kasali from the Board.”
Speaking after his appointment, Oshin thanked the Board members for the confidence reposed in him and solicited their cooperation to achieve the objectives of the Board to lead the Company to greater heights.
Custodian Investments Holdings owns 9,465,584,668 UPDC ordinary shares representing 51 per cent of UPDC’s issued shares sold in two tranches comprising the initial sale of 946,558 467 shares, representing 5.10 per cent of the issued share capital of UPDC, on the execution of binding transaction agreements, and the subsequent sale of 8,519,026,201 shares, representing 45.90% of the issued share capital of UPDC upon receipt of requisite approvals.
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