IMG shareholders approve 4.2 million rights issue to expand gas operations, backed by majority owner and Nigerian billionaire TY Danjuma.
2024 revenue jumped 38 to 5.4 million, with profit nearly doubling, driven by cost control and strong demand for medical and industrial gases.
TY Danjuma expands investment footprint, acquiring Notore Chemicals and taking over a hydroelectric project to boost regional infrastructure and energy.
Industrial and Medical Gases Nigeria Plc IMG, a leading supplier of medical and industrial gases controlled by Nigerian businessman Theophilus Yakubu TY Danjuma has received the green light from its shareholders to raise N6.5 billion 4.2 million through a rights issue as part of its broader plan to grow and diversify operations.
The company, majority-owned by former defense minister TY Danjuma, said details such as the offer price and launch date will be announced soon. Shareholders also approved changes to the companys Memorandum of Association to reflect the planned increase in share capital.
Shareholders support bigger visionIMG, formerly known as BOC Gases Nigeria Plc, manufactures and distributes a range of gases used in hospitals, factories, and laboratories across the country. Its portfolio includes oxygen, nitrogen, carbon dioxide, argon, and welding products, as well as various medical equipment.
Despite ongoing economic pressures, the company delivered a solid performance in 2024, revenue climbed 38 percent to N8.38 billion 5.4 million, up from N6.06 billion 3.92 million the previous year. Profit after tax nearly doubled to N1.62 billion 1.05 million, highlighting effective cost management and a resilient business model.
To support its next stage of growth, shareholders also approved the conversion of a N5.5 billion 3.56 million shareholder loan , including accrued interest, from TY Holdings, the companys majority shareholder. Alongside this, they backed a bonus share issue of one ordinary share for every 10 held and a N400 million 0.26 million dividend payout, translating to N0.80 per share.