Cutix founder, Uzodike, strengthens grip on firm with acquisition of more shares
Cutix founder, Gilbert Uzodike, has acquired more shares in the electronic company weeks after Cutix released its earnings forecast for the fourth quarter of 2020.
The shares acquisition further cement Uzodike’s grip on Cutix.
Uzodike’s acquisition came in two series following January 11’s earnings forecast report which disclosed that the company’s revenue will rise by 100% between October to December 2020, to hit N1.66 billion.
The founder first acquired 695,919 additional units of the ordinary shares at N2.10 per share on January 26, 2020. Uzodike has now increased his shares in the Nnewi-based company, according to a recent filing with the Nigerian Stock Exchange (NSE).
Ripples Nigeria gathered that Uzodike acquired additional 821,620 units of the ordinary shares at N2.25 on January 29, 2020 – this is N0.15kobo higher than his previous acquisition. The two acquisitions improved Uzodike’s standings at Cutix by N3.4 million.
Uzodike made the dealings in form of an insider, strengthening his grip as Cutix’s substantial shareholder.
Projected profit attributable to shareholders for Q4 2020 is over N148 million.
The company currently trades at N2.30kobo per share.