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IPWA EYES FUNDS FROM BOI TO BOOST OPERATIONS – TELLA

By NBF News

The Managing Director and Chief Executive officer, IPWA Plc, one of the leading paint manufacturers listed on the Nigerian Stock Exchange (NSE) Mr. Sulimon Tella has said that the company is eying funding from the Bank of Industry (BOI) to boost its operations.

IPWA, which used to declare profit and deliver good returns to its shareholders has been performing poorly due to lack of funding. However, Tella assured shareholders at the Annual General Meeting (AGM) held last week that the future is bright as the company is in the process of sourcing for funds to grow its business from BOI.

According to Tella, funds will help the company source adequate raw materials to meet up with unending demand from its customers.

'It is unfortunate that a company that has an installed capacity of 12,000 litres of paint per day could not even produce this volume per month. We have pending orders for paints worth about N255million which we have not been able to meet.

The funding which we are expecting before the end of the year from the BOI which is also a shareholder in the company will help us meet with demand in the market and come back to profitability,' he said.