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MULTIVERSE PRIVATE PLACEMENT IS A WISE INVESTMENT – FASINA

By NBF News

The Managing Director/Chief Executive Officer of Multiverse Resources Plc., Mr. Ayedun Fasina, has said that investors who staked their funds in the company during its 2008 private placement, made a very good investment choice.

Speaking during a Pre-AGM Media briefing on Friday, Fasina said Multiverse is a leading indigenous company that is engaged in the business of exploring, extracting, prospecting, boring, refining and drilling, for producing and quarry mining of stones and rocks into different configurations and classifications.

He said the company, which has quarry sites in Abeokuta, Ogun State, Calabar, Cross River State and Abuja, got listed on the Nigerian Stock Exchange (NSE) on October 8, 2008, after a successful private placement.

Fasina said that given the potential in the industry and the strategies the company is putting in place to improve its performance, the future is very bright for shareholders and other stakeholders. According to him, the company has put in place the necessary equipments and human resources needed to deliver efficient services to various customers in the business of construction.

'At present we are the leading indigenous operator in the quarry business and we have been providing quality products to support the projects of leading construction companies across the country. And as the Federal Government and state governments intensify efforts to construct new roads and rehabilate old ones, Multiverse is well prepared to provide the granite stones and other similar products needed for such construction to be successful,' he said.

He disclosed that the company currently has an installed capacity of 1,400 tons per while there are granite reserves of 44 million metric tons in its four quarry sites. 'With untapped huge capacity of granites, acquisition of more equipment to boost production, strong marketing niche and as a dominant player in the industry coupled with the commissioning of our new site in Abeokuta, Multiverse is in a strong position to deliver good returns to all stakeholders,' he said.

Fasina noted that many indigenous companies could not stand the competition and have gone under, explaining that with good mission and vision supported by a solid board of directors and dedicated workforce,  the company has been able to weather the storm and become a publicly listed company.

'Our mission is to be the market leader in the production of high quality granite stones and other extractive minerals in Nigeria, at a reasonable cost this guaranteeing high returns to our shareholders and total satisfaction to our valued customers. I am reiterating the commitment of the company to all stakeholders.

'We promise to be employer of choice in the mining industry to our staff, we will maintain a continuous attitude of gratitude and strong contribution to the development of environmental replenishment in the communities we operate; guarantee unflinching support to success of the projects of customers and give a return on investment to our investors that remains consistently superior,' he said.