Riggs Ventures West Africa Plc (RVWA) was incorporated in 1993 and commenced full commercial operations in April 1998. The Company is a wholly owned indigenous company engaged in Sack Manufacturing. RVWA authorized share capital is 2,000,000,000 Ordinary Shares of 50kobo each (N1,000,000,000), while its fully paid up share capital is N440,197,773 made up 880,395,546 units of Ordinary shares of 50kobo each.
The Company is currently engaged in the production of high quality Polypropylene (PP) Woven Sacks for packaging finished goods and agricultural produce, which are equally useful for domestic purposes. Production currently peaks at 9 million sacks per annum. RVWA’s product line includes the following: Polypropylene Laminated Cement Bags, Industrial Propylene Bags, Agricultural Produce Propylene Bags, Propylene Shopping Bags, Travelling & Storage Bags and Recycled Propylene Granules.
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RVWA is currently on an expansion drive to increase its sack manufacturing capacity from 9million to 69million Bags per annum. This move made it access a US$10 million dual finance facility from African Export Import Bank (Afrexim Bank) through the Nigerian Export Import Bank (Nexim Bank) Line. The dual finance facility was to enable RVWA purchase state of the art sack manufacturing equipment and additional working capital for its operations. This move will see RVWA in the top three position of Sack Manufacturing business in Nigeria.
RVWA has an authorized share capital of 2.0 billion Ordinary Shares of 50kobo each. Of which 880,395,546 units is fully paid up (N440,197,773).
RVWA currently has 645 (six hundred and forty-five) shareholders as a result of its 2008 capital raising exercise via a private placement of its shares. The company is concluding plans to register these shares with the Securities and Exchange Commission with hopes of possible listing them on the Nigerian Stock Exchange.
The unissued 1,119,604,445 (One Billion, One Hundred and Nineteen Million, Six Hundred and Four Thousand, Four Hundred and Forty-Five) shares of 50k each will be made available to new shareholders.
In the last quarter of 2010, RVWA as part of its strategic expansion plan accessed a US$ 10million dual finance facility from African Export Import Bank via the Nigerian Export Import Bank line for the purpose of Working Capital ($3million) and purchase of additional equipments and machinery to increase its production from Nine (9) million bags per annum to Sixty Nine (69) million bags per annum.
Name |
No of Shares |
% ofOwnership |
||
Yomi Tokosi |
437,366,236 |
49.68 |
||
Wyse Nigeria Limited |
210,000,000 |
23.85 |
||
Riggs Employee Trust Scheme |
52,000,000 |
5.91 |
||
Others |
181,029,310 |
20.56 |
||
TOTAL |
880,395,546 |
100.00 |
||
The company’s major promoter has interests in two (2) Bureaux de Change, namely; Yellema Bureau De Change and Credit Units Nigeria Ltd (BDC). The operational offices of these two BDCs is the company’s head office at Plot 5 Imam Abib Adetoro Street, Victoria Island, Lagos
