Nigeria’s Beta Glass retains top management officials at the company’s board

NIGERIA – Beta Glass Plc, a Nigerian glass packaging group and subsidiary of Frigoglass Industries Nigeria Limited, has resolved to retain majority of its directors in its board.

The company during its recently held annual general meeting re-elected Mr. Darren Bennett-Voci as Managing Director, Otunba Abimbola Ogunbanjo as Chairman of the Board of Directors, and Mr. Nikolaos Mamoulis as a Director of the Company.

With over 21 years of experience in the container glass industry, Mr. Bennett-Voci has been serving as the company’s managing director since May 2016.

He has previously operated in a wide variety of business environments, cultures and countries in Europe and in the Middle East when he joined Frigoglass in June 2012 as Commercial Director- based in Dubai.

The Nigeria Stock Exchange listed company also resolved to institute a general mandate to the Directors of the Company – in pursuant to the rules governing transactions with related or interested parties as outlined by the bourse.

The directors will enter into recurrent transactions with related parties for the company’s daily operations, including the procurement of goods and services on normal commercial terms.

According to a Beverage News report, the company has also reached an agreement for Ernst & Young Nigeria (EY) to serve as its Auditors.

Beta Glass’ directors agreed to set the remuneration and expenses of the Auditors in respect of the audit to be conducted for the year ending December 31, 2019.

During its 2018 financal year the company reported a 23% growth in net profit to US$13.89 million (N5bn) attributed to an increase in sales which grew to US$72.81 million in the period under review from US$61.18 million in 2017.

The company’s revenues increased by 19% while its operating profit jumped 35% to US$16.33 million in 2018 from US$12.18 million in the preceding year supported by reduced expenses across its selling and distribution channels.

Beta Glass Plc said it will pay its shareholders N1.30 per 50 kobo of ordinary shares for 2018 full-year.

Beta Glass is a member of the Frigoglass Group, a strategic partner to beverage bottlers internationally, supplies glass packaging in the emerging markets of West Africa.

The company is a leading player in the glass bottle making business for a diverse market including beverage industry – beer bottles, spirits bottles, Wine bottles, and pharmaceutical containers among others.

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