Barring all unforeseen circumstances, shareholders of legacy property business may forge ahead with the unbundling of the business to ensure sustainability and independent operations. A foremost real estate development firm with market-leading facilities management business, UPDC boast of a team with deep experience of successful operations in the Nigerian real estate sector across multiple segments including residential, commercial, hospitality, and retail. “We are grateful for the confidence exhibited by our loyal shareholders and continued patronage from our customers,” said Deborah Nicol-Omeruah, Deputy Chief Executive Officer. “We retain unparalleled market knowledge and track record, more than N20bn in assets, strong governance and an excellent facilities management business. The Rights Issue has resulted in improved cash flow as finance cost has reduced from N4.8bn in 2018 to N700m.

Source: The Guardian June 09, 2020 08:03 UTC