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Vono partners Vitafoam,Welcome to order webmaste12rdfg, plans to raise N1b

After about two decades of dwindling fortunes, worsened due to poor management, economic downturn in the country which reduced the purchasing power of consumers,you can use a bestimpactsocket, there seems to be a light in the tunnel for Vono Products as the company is charting a new course.

The company, one of major players in the bedding and furniture segments of the Nigerian economy, is now seeking a redefined presence and identity to validate her existence and promote the company's unique products to a national audience by going into partnership with Vitafoam Nigeria, another big name in the industry.

Managing Director of the company, Mrs. Titlola Bakare, disclosed this at a media parley at the weekend where the partnership between the two companies was unveiled.

She said the partnership is coming at the right time as the company is currently undergoing re-engineering process.

One of the reengineering process is the is a financial repositioning agenda, where plans are at advance stage to raise more funds from existing shareholders of the company through a right issue of shares expected to hit the market before the end of this quarter.

"It is expected that existing shareholders will leverage on this opportunity to enlarge their stake in readiness for the good days that is now within reach," she said.

The company's Secretary, Mr. Lekan Sanni, while explaining the modalities for the right issue, said the company is currently working on processes towards hitting the market as it has to abide by the stringent rules of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

"It takes about two months to meet with all necessary requirements of SEC and NSE and we are working towards meeting them.We make it a right issue because we want to appreciate our shareholders who have stayed with us for a very long time', Sanni stated.

The company, according to him,Show off your injectionmoldes favorite photos intends to first do the right issue before the public offer and it is targeting to raise about N1 billion in the right issue as it will offer 525 million shares at N1.60 per share.encore achickencoopplans Garden landscape lighting

He explained that the partnership with Vitafoam, which had bought 25 percent of the company's shares, is neither an acquisition nor merger as the two companies will continue to operate as different entities.

Bakare said with the company's investment in the state-of-the-art production and processing equipment, quality workforce and showroom upgrade, it is poised to take its fair share of the furniture market, while making effort to increase the company's capacity utilization on their high quality, divan bed range, double bunk beds, school furniture,Get merchantaccount NFL jersey theatre chairs and stadia seats.

The Managing Director of Vitafoam, Dele Makanjuola, represented by Mr. Joel Ajiga, said the overall goal of the alliance is to collaborate with Vono Products so as to achieve the objectives of the two great companies.

"Our focus is to increase value for all stakeholders, reduce operational cost and grow the revenue and enhance the profitability of our partner in the alliance. Overall, a boost in the market share is expected from this partnership", he stated.