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Shareholders of FSDH Merchant Bank limited have aligned with the investment plans of the company with the aim of getting good returns in 2017 financial year.
The company believes that there are funding opportunities to be exploited in most of the areas of strategic focus including manufacturing and agro-allied sectors in the year 2017.
Speaking at the annual general meeting of the company, Osaro Isokpan, chairman said, the FSDH Group will continue to explore and expand relationships with its esteemed clients in carefully selected industries and offer them tailor-made solutions.
According to him, the weak macroeconomic environment adversely impacted the group’s businesses in 2016. However, he said with the expected improvement in the operating environment in the year 2017 and the strategies the group has put in place, to take advantage of the emerging opportunities in the country, it is confident that it will continue to maximise shareholders value by constantly re-inventing and realigning its operations and services to exceed the expectations of its various stakeholders.
Muhiba Abas, one of the shareholders, said the performance company was good although not as good as the previous year, considering that the country is in recession. Reacting to the inability of the company not to pay dividend, she said, “it is strategic that the company did not pay dividend and because there are other investment plans. We rather use the money for strategic plans”.
“Our expectation is that dividend would be paid in the nearest future when we would have effected a plan, the situation in the country improves and the company grows. We want to grow the company so that we can have better returns subsequently”, Abas told journalists after meeting.
Tosa Ogbomo, director, FSDH, said the company did extremely well given the challenges that confronted the country and the company. It remains one of the strongest financial institutions in the country.
“Regarding the 2016 performance, it set a good platform for growth in the future. Given the challenges in 2016, it is to be expected that dividend will not be paid. The level of profitability that the company did should be applauded. It is a one year hick-up in terms of dividend. There is always 2017 so we have to take a longer term view about the prospect of the company. We have a great management, great company; the only thing we can look forward to is good growth and good profitability in 2017”.
“The government has many things to do on employment, on forex but more fundamentally create a conducive place for businesses to thrive. As long as they it does that FSDH within that context will do well”, Ogbomo added.
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