Nigerian Enamelware Plc has announced the relocation of its factory from its current site in Ogba, Lagos State, to a new location at Lagos/Ibadan Expressway Isheri/Ibafo, Ogun State.
In a statement to the Nigerian Exchange Limited (NGX) and the public, the company revealed that the relocation process is expected to significantly disrupt its business operations, potentially leading to substantial financial losses.
The relocation is projected to take several months, during which the company anticipates a complete halt in operations.
According to the statement, the factory move will be carried out in phases over approximately nine months.
The first phase will involve the decoupling and disassembly of all machinery at the Lagos facility. In the second phase, these machines and equipment will be transported to the new site in Ogun State using specialized vehicles capable of hauling heavy industrial equipment. The final phase will focus on the reinstallation of the machinery at the new factory.
Nigerian Enamelware Plc emphasized that while the relocation is necessary for its long-term strategic goals, it will have a temporary but significant impact on operations.
The company has asked for understanding from its stakeholders during this period, adding that it is committed to minimizing the overall disruption. Business operations are expected to resume only after the full installation of machinery at the new site, marking the end of the nine-month process.
However, during this transition, Nigerian Enamelware Plc has cautioned that it will experience a total suspension of manufacturing activities, potentially affecting supply and revenue streams.
Nigerian Enamelware Plcโs share price closed at N19.30 per share at the end of its last trading day on Monday, October 14, 2024, on the Nigerian Stock Exchange (NGX).
Over the recent trading period, the company recorded a total volume of 123,474 shares traded across 117 deals, with a total value of N 2.21m.
On average, 1,960 shares were traded per session, with the highest single-day trading volume of 49,130 shares occurring on September 17, 2024.