By Chinyere Joel-Nwokeoma

The nation’s bourse resumed trading on Monday on a negative trend dropping by 0.13 per cent due to profit taking in Nestle and 27 other stocks.

Specifically, the All-Share Index lost 54.76 points or 0.13 per cent to close at 42,357.90 in contrast with 42,412.66 on Friday.

Accordingly, the month-to-date return settled at -0.1 per cent, while the year-to-date gain moderated to 5.2 per cent.

Also, the market capitalisation declined by N29 billion or 0.13 per cent to close at N22.157 trillion when compared with N22. 186 trillion posted on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Julius Berger, Flour Mills of Nigeria, Vitafoam and Access Bank.

Royal Exchange led the losers’ chart in percentage terms, losing 10 per cent to close at 36k per share.

It was trailed by Guinea Insurance followed 9.09 per cent to close at 20k, while African Alliance Insurance shed eight per cent to close at 23k per share.

Julius Berger dipped 7.28 per cent to close at N21, while Multiverse shed 4.55 per cent to close at 21k per share.

Conversely, Honeywell Flour Mill dominated the gainers’ chart in percentage terms gaining 10 per cent to close at N1.43 per share.

Champion Breweries followed 9.97 per cent to close at N3.42, while McNichols rose by 9.80 per cent to close at 56k per share.

Wapic Insurance rose by 9.26 per cent to close at 59k, while Jaiz Bank appreciated by 9.23 per cent to close at 71k per share.

Also, the total volume traded declined by 12.4 per cent as investors bought and sold 586.81 million shares, worth N6.02 billion traded in 7,611 deals.

This was in contrast with 669.88 million shares valued at N6.59 billion exchanged in 6,663 deals on Friday.

Transactions in the shares of Union Bank of Nigeria topped the activity chart with 79.59 million shares valued at N469.64 million.

Transcorp followed with 61.76 million shares worth N64.68 million, while United Bank for Africa traded 44.31 million shares valued at N406.72 million.

Access Bank accounted for 40.19 million shares worth N371.69 million, while FBN Holdings transacted 37.51 million shares valued at N282.35 million. (NAN)

By Chinyere Joel-Nwokeoma

FMDQ Securities Exchange Ltd., resumed 2021 with the quotation of Total Nigeria Plc., N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) under its N30 billion CP Issuance Programme.

The company said in a statement in Lagos that its Board Listings and Market Committee also approved the quotation of Mixta Real Estate Plc., N2 billion Series 32, CP under its N20 billion CP Issuance Programme.

Similarly, the company approved the registration of Valency Agro Nigeria Ltd., N20 billion CP programme on its platform.

The debut issuance of Total Nigeria’s CP, following a volatile period for the oil and gas industry as disrupted by the COVID-19 pandemic demonstrated innovation and confidence in the Nigerian debt capital market (DCM).

This was aimed at supporting the vibrancy of the sector and in turn the reactivation of the Nigerian economy.

FMDQ said the issue attracted significant demand from a wide range of investors, resulting in a subscription level of over four times the initial issue size – a demonstration of investor confidence in the company.

Commenting on the quotation of the issue, the Managing Director of Total Nigeria, Mr Imrane Barry, explained that “the programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets, while also reducing its overall funding costs”.

Barry who thanked investors for supporting the company’s debut issue commended the financial advisers, Stanbic IBTC Capital Ltd., and FBNQuest Merchant Bank Ltd., for ensuring the success of the issue in spite the challenging environment.

Also commenting on the quotation, Tokunbo Aturamu, Head of Debt Capital Markets, Stanbic IBTC Capital, expressed his delight that Total Nigeria had joined the growing list of blue-chip corporate who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements.

Aturamu also appreciated the Board and Management of Total Nigeria for the opportunity given to Stanbic IBTC Capital to act as Sole Arranger, as well as Joint Dealer alongside FBNQuest Merchant Bank, to the N15 billion debut, CP issuance under the programme.

In his remarks, the Managing Director, Valency International Pte Ltd., Mr Sunil Dhanuka, said “we are glad for the successful registration of Valency Agro’s, N20 billion CP Issuance Programme.”

Dhanuka also commended FMDQ for the seamless process in spite of the COVID-19 pandemic and the various restrictions.

In line with our vision to grow within the agricultural value chain in Nigeria, Valency Agro is committed to ensuring the growth of the agriculture sector through our deep involvement in Cashew, Sesame, Cocoa and other produce.

“Proceeds from this CP Programme will be used toward meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export,” he said. (NAN)

By Itohan Abara-Laserian

Vitafoam Nigeria Plc has attributed its turnover increase of 5.2 per cent from N22.28 billion in 2019 to N23.44 billion in 2020 among other impressive performances to innovation and expansion.

Mr Taiwo Adeniyi, Group Managing Director and Chief Executive Officer, Vitafoam, made the disclosure this in a statement made available to the News Agency of Nigeria (NAN)  in Lagos.

Adeniyi said that the company’s investment in its subsidiaries as a growth strategy was beginning to pay off as the growth in total sales was up by 5.2 per cent.

“As a matter of corporate policy, we do continuous improvement on our products. We sell high margin products.

“We are highly connected with our customers. We know their different needs and as such our products always gain acceptance in the market. Our foams and other products meet specific needs.

“Last year, we launched Buy Rights when our research revealed that different weights require different types of foams. We do not just sell to customers, we offer health counseling to advise on the specific foam for individual customers,,” he said.

“This has greatly endeared us to our customers. Vitafoam is not just about only rigid foams. We have strong footing in furniture and other household equipment such as Sandwich Panels, Insulation Board and Spray Foam.

“Quality product is our second name. Our current performance was not driven by sales due to COVID-19. The margin from this is insignificant and we even donated foams to Lagos State Government as our corporate support.”

The Vitafoam boss added: “Our investment in the subsidiaries as a growth strategy is beginning to pay off. All of them have turned profitable.

“We are not insulated from the tough operating environment as all the indices that should drive growth in the manufacturing sector are weak.

“But due to our innovative efforts, trust on the part of our customers and of course divine grace, our balance sheet today is one of the strongest in the industry.

“We have capacity to sustain the trajectory and we shall continue to reward our shareholders accordingly.”

Adeniyi said tha in spite of the adverse impact of COVID-19 pandemic, the company’s turnover rose by 5.2 per cent to N23.44 billion in 2020 from N22.28 billion in 2019.

“Cost of sales dropped by 8.1 per cent from N13.52 billion to N12.43 billion. Gross profit thus rose by 25.7 per cent to N11.01 billion from N8.76 billion.

“Non-core business income rose by 52 per cent from N491 million to N745 million. Interest expenses reduced by 11.4 per cent from N1.05 billion to N930 million. Profit before tax soared by 61.5 per cent to N5.6 billion from N3.5 billion,” he added.

Meanwhile, the manufacturing giant announced that its 5.2 per cent increase in total sales, 8.1 per cent drop in cost of sales, while the 11.4 per cent reduction in finance were rewards for internal cost efficiency.

Specifically, after taxes, net profit soared by 72 per cent from N2.39 billion to N4.11 billion; basic earnings per share increased to N3.05 from N1.82 and net assets per share hit N7.25 in 2020, 54.3 per cent above N4.70 recorded in 2019.

On the strength of the company’s outstanding performance, the board has recommended a cash dividend of N979.4 million for 2020, 64.5 per cent above N595.4 million paid in 2019.

The current dividend translates into 70 kobo per share as against 42 kobo paid in the preceding year.

Mr Oluropo Dada, Managing Director and Chief Executive Officer, Network Capital, said that shareholders would get higher dividends, while the performance translated into higher valuations of investment for analysts and traders.

“It is a remarkable improvement on all the quantitative and qualitative parameters of the company which expectedly translated to better results with bountiful rewards to all the stakeholders.

“Shareholders are going home with higher dividends, while the performance translates into higher valuations of investment for analysts and traders,” Dada said.

The announcement of the results has attracted investors to Vitafoam shares on the Nigerian Stock Exchange (NSE) and positioned it as one of the most stable stocks, with its current net assets per share of N7.25.

Market watchers believe that Vitafoam’s share price is due for re-pricing on the capital market. (NAN)

By Chinyere Joel-Nwokeoma

VFD Group, a financial service focused proprietary investment company, has expressed commitment to expand to more African countries to enhance Nigeria’s Diaspora remittances.

The Group Managing Director/Chief Executive Officer, VFD Group Plc, Mr Nonso Okpala, disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

Okpala said the company would expand to key locations within Africa to dominate the remittance space.

“We are looking to be in key locations across Africa so that we can replicate the success of remittances in Nigeria to those respective African countries with the ultimate objective of integrating the exchange opportunities within these respective countries.

“We think remittances align with the economic structure because there are a lot of Nigerians in the Diaspora and all these Nigerians have one thing in common, to work hard diligently and to remit funds to support their families back home in Nigeria.

“For us, those are the kind of compelling investment opportunities that we like to take advantage of because they are interwoven with the fabric of the society,” Okpala said.

Speaking on multiple exchange rates, he said every business or sector presents threats and opportunities.
Okpala explained that the company had built skills set to mitigate the threats in the Bureau De Change sector, having been in operation for 11 years.

“When you are in an industry or sector, there are threats and opportunities that you have to live with.

“For the opportunities, you have to be able to identify them in a way that gives you an edge; and you also need to execute strategies to take advantage of those opportunities so that your business can be profitable.

“On the aspect of the risk or the threats, you have to understand the threats and build the skill sets and capacity to manage and mitigate the threats.

“And if you are able to do these two things very well, you will come up as a successful company that will experience growth and profitability.

“In the past 11 years, we have been in this sector, and we have been profitable.

“So, it only means we have been able to understand the threats and manage them and we have been able to identify the opportunities and accordingly took advantage of them.

“We are not bothered a lot about those threats, we think that it’s part of the hazards of business and it behooves us to further understand any emerging threat and take advantage of it accordingly,” Okpala said.

On policies to pursue in 2021 to ensure stability, he commended the Central Bank of Nigeria (CBN) for ensuring the stabilisation of the naira and economy at large.

“The CBN has done a remarkable job in the stabilisation of the currency and the economy at large.

“I think a continuation of that policy is what we require to ensure that there is no systemic shock in the Nigerian economy.

“Typically, one will expect that when there is a threat of devaluation of the local currency, people should be excited to execute an import substitution strategy.

“In the case of Nigeria, we do not have the capacity to execute that strategy, so we are left with the option of just ensuring that the economy is not exposed to a huge foreign exchange shock.

“And the CBN has distinguished itself in respect to how it has managed the situation.

“I have no doubt whatsoever that they will continue to do a great job in 2021 in this respect, ” he said.

VFD Group is a financial service focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

The company operates in every area of the financial industry through their subsidiaries, providing financial advisory, asset management, currency, real estate, debt services and private funds Management services, among others. (NAN)

By Lydia Ngwakwe

Some economists on Tuesday in Lagos urged the Federal Government to focus more attention on Micro, Small and Medium Enterprises (MSMEs) as they remained the “engine behind most countries’ growth’’.

The experts who made the call in separate interviews with the News Agency of Nigeria (NAN) said that MSMEs required more attention as they are the largest employers of labour when put together.

The Chief Executive Officer of a finance company, Mr Ayotunde Bally, said that the major sector that needed fillip was the MSMEs.

“Looking at the current situation in Nigeria, it is a fact that so many sectors need a lot of financial aid to boost our economy.

“However, the major sector that needs more assistance to drive the economy to greater heights is the Medium and Small Scale Enterprises.

“This can be seen in last year’s GDP where MSMEs recorded 96 per cent of employment rate and 84 per cent of businesses in Nigeria. They need more hands to eliminate unemployment in Nigeria,’’ he said.

Bally added that Small and Medium Scale Enterprises in particular needed to be properly funded as they are mostly owned by youths.

Youths, he said, are innovative, creative and have modern high tech ideas that could fast-pace national development.

He said that the lack of raw materials, inadequate capital to fund projects were some of the major challenges of most SMEs.

He suggested that more input of financial resources to this sector would eliminate the major barrier and lead to a favourable economy.

In the same vein Mr Johnson Chukwu, managing director of an asset management company, urged government to support SMEs to take the economy out of recession.

“If government is able to support and focus more on SMEs they’d remain in business and the economy would exit recession.

“It is a good thing that government has already come up with a N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund that will enable SMEs to meet their salary payment obligations so that they can succeed,’’ he said.

Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research of the University of Lagos, also advised government to aggressively support SMEs.

“The Small and Medium Enterprises sector should be aggressively supported by government this year.

“It is a reliable source of economic growth, poverty alleviation and job creation,’’ he said.

Prof. Sheriffdeen Tella, a professor of Economics at Olabisi Onabanjo University, Ago-Iwoye, Ogun, however, urged government to focus on six key areas to improve productivity and income this year.

“Key areas the government should give priority in the new year are industrial growth, particularly consumers goods production, food and cash crops, infrastructures, particularly electricity and roads, education and healthcare to improve productivity and income,’’ he said.

He advised that these could be done through government interventions such as bank credits at low interest, tax holiday for industries; input subsidy for agriculture, particularly in free land clearing.

Tella said that other ways could be through free, improved seeds and subsidised fertiliser for farmers and implementation of minimum wage policy to improve consumers spending power. (NAN)

By Chinyere Joel-Nwokeoma

The Association of Capital Market Academics of Nigeria (ACMAN) has expressed optimism that the financial, agriculture, construction and Information and Communication Technology (ICT) sectors would drive stock market activities in 2021.

ACMAN president, Prof. Uche Uwaleke, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

Uwaleke added that construction and manufacturing sectors would drive stock market activities this year, going by their past performances.

He said these sectors would performance very well in spite of the second wave of COVID-19.

“Non-oil sectors that are expected to drive the economy in 2021 and the stock market are agriculture, Trade, financial Sector, construction and ICT.

“Apart from trade, which contributes about 14 per cent to GDP, all the other sectors are already in the positive territory.

“The financial sector, especially the banks and the telecoms sector, appear to be insulated from the impact of COVID-19 going by their performance in 2020.

“So, it is expected that these sectors will still perform well regardless of the second wave of the pandemic,” he said.

Uwaleke also a Professor of Capital Market at the Nasarawa State University Keffi, told NAN that sustained use of online transactions by banks’ customers and network data by mobile phone users would continue to impact positively on the bottom line of these companies.

“For agriculture and construction, the implementation of the 2021 budget, which has given priority to these sectors as well as increased interventions by the Central Bank of Nigeria will enhance their performance.

“This is why in the equities market, stocks like Dangote Cement, BUA Cement, MTN Nigeria, Airtel Africa, Presco, Okomu Oil, GTB and Zenith are expected to do well in 2021.

“The trade sector is expected to improve following the full restoration of economic activities and removal of movement restrictions.

“The sector will also benefit from the reopening of the land borders and take-off of AfCFTA,” he added.

According to him, transportation and free movement facilitate trade as opposed to lockdowns.

Uwaleke explained that manufacturing, which contributes about 10 per cent to GDP, would equally benefit as supply chain disruptions are eased.

He stressed that lockdowns would affect supply chains, decrease output and increase inflation.

Recall that the nation’s bourse closed 2020 upbeat, appreciating by 50.03 per cent with the All-Share Index crossing the 40,000 mark on the last trading day, in spite of COVID-19 pandemic.

Specifically, the All-Share Index which opened trading for the year at 26,842.07 inched higher by 13,428.65 points or 50.03 per cent to close at 40,270.72.

Similarly, the market capitalisation rose by N8.098 trillion to close at N21.056 trillion from the opening year figure of N12.958 trillion.

On policies to pursue in 2021, Uwaleke said the federal government and the apex bank should sustain the expansionary fiscal and monetary policies commenced in 2020 in order to facilitate economic recovery.

He called on government to scale up the Social Intervention Programme and ensure lockdowns and movement restrictions are not deployed in response to the pandemic.

Uwaleke said the government should lift all restrictions on economic activities and emphasise more of preventive measures and observance of COVID-19 protocols.

“The CBN should sustain its Loan to Deposit Ratio and scale up interventions, especially in the agriculture value chain,” he said. (NAN)

By Lydia Ngwakwe

Chairman, Presidential Economic Advisory Council, Dr Doyin Salami, will be delivering a keynote address in a Roundtable organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies.

The Head, Marketing/ Corporate Communication and External Relations, Mr Nelson Olagundoye, made the disclosure in a statement on Friday in Lagos.

Olagundoye said that the forum, the seventh National Economic Outlook, slated for Jan. 19, would be discussing, “Implications for Businesses in Nigeria in 2021.”

According to him, the forum will be in collaboration with B. Adedipe Associates Ltd.

“The annual event is held typically with the aim of engaging all stakeholders in the key sectors of the Nigerian economy to elicit implementable government policies.

“The forum will also discuss topical and emerging issues in the banking industry and economy as well as their implications for businesses in the coming year.

“The 7th edition is particularly significant as the impact of the coronavirus pandemic on key sectors of the economy in 2021 will be examined.

“Furthermore, avenues on how businesses in key sectors could survive and grow despite the rough terrain would also be tackled,” he said.

Olagundoye said that the forum would feature carefully selected experts who would share their insights on the preceding year as well as practicable solutions for businesses in the current year.

Other panellists at the event are: Ambassador Ayoola Olukanni, Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture; Mr Ayodeji Balogun, CEO, AFEX Commodity Exchange and Mr Akeem Lawal, Divisional Chief Executive, Interswitch, among others.

Also expected at the event are staff of financial institutions, academics, ministries, departments and agencies, non-governmental organisations and other key stakeholders in the Nigerian economy.

The event would be hosted by The President/Chairman of Council of the Chartered Institute of Bankers of Nigeria, Mr Bayo Olugbemi, and the Chief Consultant, BAA Consult, Dr Biodun Adedipe. (NAN)

By Chinyere Joel-Nwokeoma 

The bears dominated trading activities on the Nigerian Stock Exchange (NSE) on Friday with the market capitalisation losing N246 billion in six hours of trading.

Specifically, the market capitalisation, which opened at N21.224 trillion shed N246 billion to close at N20.978 trillion.

Similarly, the NSE All-Share Index decreased by 470.64 points or 1.16 per cent to close at 40,120.22 from 40,590.85 posted on Thursday.

A breakdown of the price movement shows that Dangote Cement topped the losers’ chart with N19.90 to close at N225 per share.

Lafarge Africa trailed with a loss of 10k to close at N22.30, while Vitafoam lost 5k to close at N8.95 per share.

Redstar Express dipped by 3k to close at N3.40, while UPL was also down by 3k to close at N1.25 per share.

On the other hand, Seplat led the gainers’ table, increasing by N45.10 to close at N496.10 per share.

Total followed with a gain of N13 to close at N143, while Okomu Oil garnered N2.50 to close at N92.50 per share.

Ardova added N1.45 to close at N16.35, while BOC Gas improved by N1.15 to close at N12.65 per share.

Access Bank was the most active stock exchanging, 35.11 million shares valued at N315.78 million.

Transcorp followed with an account of 25.06 million shares worth N24.09 million, while Guaranty Trust Bank traded 24.89 million shares valued at N821.26 million.

Zenith Bank exchanged 23.69 million shares N606.29 million, while Japaul Gold sold 22.39 million shares cost N21.73 million.

In all, investors bought 333.31 million shares valued at N3.65 billion exchanged in 5,142 deals.

This was against a total 2.13 billion shares worth N7.51 billion traded in 4,558 deals on Thursday. (NAN)

By Itohan Abara-Laserian

Ahead of its demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated a ‘Claims Review Panel’, pursuant to the provisions of the NSE Demutualisation Act 2018.

Otunba Abimbola Ogunbanjo, NSE President, said this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.

Ogunbanjo said the panel inaugurated on Dec. 21, 2020, was set up in preparation for the imminent demutualisation.

He listed the members of the panel as, Mr George Etomi (Chairman), Mr Seni Adio (SAN), Mr Abatcha Bulama, Dr Paul Anababa (SAN) and Prince Aghatise Erediauwa.

Ogunbanjo said the panel was expected to diligently carry out its functions and responsibilities under the Act.

According to him, each member will bring to bear, their respective experiences and expertise to enrich deliberations and decisions.

“We expect members of the panel to discharge their responsibilities without any fear or favour in an objective and dispassionate manner, being guided by principles of fair hearing, equity and natural justice,” he said.

He said that the panel served as an independent alternative dispute resolution mechanism for the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Nigerian Exchange Group Plc.

“The panel will sit in an appellate capacity and review claims from claimants’ who are dissatisfied with any decision of the National Council of the Exchange on a claim pre-demutualisation, or the Board of Directors of the HoldCo , post demutualisation of the exchange,” he said.

As part of the demutualisation process, he said the exchange (which is currently a company limited by guarantee) would be converted into and re-registered as a public company limited by shares.

“Consequently, current members of the exchange will be allocated shares in the HoldCo.

“The securities exchange licence of the current exchange will be transferred to Nigerian Exchange Ltd., a wholly owned subsidiary of the HoldCo, which will carry on the securities exchange business.

“Another wholly owned subsidiary, NGX Regulation Ltd., will be licensed by the Securities and Exchange Commission to carry out regulatory services.

“To safeguard the independence of the panel, the NSE embarked on a diligent search for distinguished individuals with the required expertise and extensive track records of integrity, excellence and achievements in their respective fields of specialisation,” he added. (NAN)

By Chinyere Joel-Nwokeoma

C & I Leasing Plc on Wednesday expressed optimism that the emergence of Peace Mass Transit as the company’s majority shareholder would bring enhanced value creation for all its stakeholders.

Mr Andrew Otike-Odibi, the company’s Managing Director/Chief Executive Officer, gave the assurance at a virtual meeting on the loan stock acquisition by Peace Mass Transit Ltd.

Otike-Odibi said that the impact of the acquisition would be positive for all the company’s stakeholders.

C&I Leasing had on Tuesday notified the Nigerian Stock Exchange and the investing public of the purchase of 313,326,316 units of the Neoma Africa Fund L.L.C unsecured variable coupon redeemable convertible loan stock in registered units of N4.75 each by Peace Mass Transit Ltd.

The loan stock, when fully converted, will result in the issuance of 987,500,000 ordinary shares of the company which will represent 55.82 per cent of the issued shares of the company.

“C & I Leasing is 30 years, and in 30 years we have seen some board changes, we have seen a significant management change, where the former managing director handed over to the current managing director.

“C & I Leasing is going into yet another change. I will say that taking the business on its own, business structure and business model is very solid, the ownership of the business can only add value to that structure and that model.

“So, for the minority shareholders, I did not see any fear or any concern.

“Rather, I see a reason for value enhancement in the sense that the impact of this acquisition will be positive for all the stakeholders of the company,” he said.

He said that the company’s business model would not change with the coming on board of Peace Mass Transit.

“We will likely finetune the model to make it more rewarding to shareholders,” Otike-Odibi said.

Speaking on the loan conversion into equity, he said it would be concluded before the end of the first quarter.

He said that Peace Mass shareholding, after the conversion, would be in the region of 67 per cent.

Otike-Odibi said that Peace Mass bought some stake in the company during its rights issue of 2019, while the loan stock is 55.82 per cent.

He said that the purchase and eventual conversion of the shares would strengthen the company’s credentials in raising new equities.

“We see this as a new road into inviting more equity to the business; one of the things that have held the company back from raising additional equity has been the loan stock issue.

“With the loan stock being converted to equity now, it now helps the company to open up to raise additional equity,” he said.

On outlook for 2021, Otike-Odibi said that COVID-19 had brought out new opportunities for the company.

He said that the company would play more on digital space due to the emerging opportunities in the technology space brought by the COVID-19 pandemic.

The managing director said the company would create new businesses from the array of opportunities that came out from COVID-19. (NAN)