uacn Explains Restructuring in Foods Subsidiary
January 16 , 2006
Mr. Ayo Ajayi, Managing Director/Chief Executive Officer, uacn Plc, has said the recent repositioning exercise in uac Foods, one of its subsidiaries, was to ensure greater focus on its value. Ajayi also attributed the company's modest records in the face of challenges associated with the operating environment to dedicated staff.
Ajayi who spoke at the 2005 long service award ceremony of the company stated that the company embarked on the rights issue to finance growth and pay off the overdraft exposure. He equally explained that the entry of Actis, a significant investor, with 20 percent shareholding in the company, had ensured the injection of complementary skills and healthy board dynamics into the business.
He said the company has started reaping the dividends of Actis' investments as Actis Partner Company in India has trained one of its emplopyees.
The managing director said the company would consciously seek ways and means of cultivating and rewarding loyalty, commitment and steadfastness of employees, adding therefore that the priority of the employees should include handing over to the succeeding generation, a company that is greater than how they met it and ensuring that the efforts of the predecessors, are not in vain.
The yearly long service ceremony is an occasion to reward long-standing and committed employees. About 149 employees, who had faithfully served he company above 10 years in all uacn subsidiaries, were recognised and rewarded.
Ajayi said at the ceremony, that the recipient earned the awards through their loyalty, solidarity and contribution to the development of the company.
Culled from the Financial Standard dated January 16, 2006.
By Tosin Okelana
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