Industrial & Medical Gases Nigeria Plc (IMG) has received shareholders’ approval to raise N6.5 billion through a rights issue, as part of a broader plan to strengthen its capital base and scale up operations.

The approval was secured at the Annual General Meeting (AGM), held in Lagos, with other key proposals.

Shareholders agreed on a dividend of 80 Kobo per share and also a bonus of one ordinary share of 50 Kobo for every ten held as reward for long-term investors.

Chairman of the company, Aminu Ado, underscored the board’s commitment to long-term value creation.

“The IMG Board is focused on capital investment, market diversification, production expansion, cost efficiency, and driving customer-centric innovation,” he stated.

Ayodeji Oseni, Managing Director of the firm, commented on the organization’s determination to break even in the face of economic hardship.

“Revenue grew by 38%, rising from N6.06 billion in 2023 to N8.3 billion in 2024. Post-tax profit also nearly doubled, from N852 million to N1.62 billion,” he noted

Emphasizing the company’s discipline and focus.

Backing the company’s direction, Boniface Okezie, National Chairman of the Progressive Shareholders Association (PSA), urged shareholders to participate fully in the forthcoming rights issue to position themselves for future gains.

During the event, two Non-Executive Directors, Adebayo Adeleke and Olawale Oyedele, were re-elected to the board after retirement.