Ilushin Estate Limited says it has decided to raise capital through the existing shareholders to improve rubber production in Ogun State.
According to a statement, the Commissioner for Agriculture, who doubles as the Chairman of the Board of Directors, Ilushin Estate Limited, Bolu Owotomo, stated this during a board meeting held in Abeokuta.
Owotomo was quoted as saying that the capital raising exercise through existing shareholders is the first since the company was established in 1957.
“The right issue of 201,000,000 ordinary shares of N1.00 each at 2.49k per share to existing shareholders will enable the company to meet up with its immediate and medium-term obligations,” he noted.
He said the restructuring of Ilushin Estate Limited was necessitated to optimally utilise the company’s assets; as funds raised would ensure more land is cultivated, improve staff welfare, and enhance productivity.
Owotomo explained that Ilushin Estate Limited seated on over 4,000 hectres of land was not maximally utilise before now, promising that planting operation would commence, where 240 hectares of rubber would be planted this year, 480 hectares next planting season.
The goal, he said, was to plant a total of 2000 hectares of rubber within the next four to five years.
In his remarks, the General Manager, Otunba Olaitan Obisanya, applauded the commissioner for his commitment to restructuring the estate and bringing it to an enviable position.
