Shareholders of Omatek Ventures have commended management of the company for its zeal which kept the company going despite the challenges it faced in the last three years.
The shareholders made the commendation at the Combined Ended December 2010 and Ended December 2011 Annual General Meetings of the company.
According to them, the management of Omatek Ventures have displayed unparallel zeal which has helped the company to survive and ready to get to the next level of its operations.
Dr Timothy Farinre, group chairman thanked all shareholders immensely for their patience, support and understanding of the peculiar situation of the company in the last three years and expressed his sincere apologies for the delay in conducting the two Annual General Meetings.
As part of the result, the company’s shareholders funds grew from N6,012,616 in 2009, to N6,449,331 in 2010, indicating an increase of 7%. The Company’s Net Assets and the group’s Net Assets appreciated by 7%, respectively.
He said Omatek had had to fund all its consumer schemes and all factory initiatives by itself without any funding from any bank in the last three years. Their banker – Afribank, had expressed their inability due to liquidation expected to fund many existing facilities. Omatek Consumer scheme with many states was a joint product with Afribank and this was cancelled suddenly.
“Their 10 year old mortgage cancelled and the offshore and local Guarantee facilities could not be sustained as the bank had lost its offshore guarantee as well. The Company has Commitments and loyalty to its customers and the states consumer schemes were still sustained by Omatek despite these sudden challenges from Afribank; a tough situation after just been listed or going public.”
Engr Florence Seriki MFR, group managing director, Omatek ventures said this is the benefit of buying from first class manufacturers as this turnover was majorly from the sale of another factory initiative – the 24 hour Alternate Power Solution- a Hybrid solution with Solar, UPS and Inverters together with the new Omatek LED Bulbs that last 3 to 5 years without replacement. The importation of this was a Semi Knocked Down process as opposed to the computers that are completely knocked down components and raw materials.
Omatek had exited the SMEIS scheme through a Private Placement undertaken by Afribank Capital Ltd. which eventually culminated in the Company being listed as the first Computer Company on the Nigerian Stock Exchange (NSE) in July 2008.
