Tower Alloys Industries expands shareholding in Aluminum Extrusion Industries Plc to 67.55%

Tower Alloys Industries Limited, a Nigeria-based producer of a wide range of quality aluminium cookware, roofing, and extrusion profiles, has reportedly increased its shareholding in Aluminum Extrusion Industries Plc to 67.55 per cent by recently acquiring a majority stake in the company.

Aluminium Extrusion Industries is a leading manufacturing company in Nigeria engaged in producing and marketing extruded aluminium products. The acquisition of the stake in Aluminum Extrusion Industries followed changes to the shareholding of the company.

The news came after a notice was published - “This is to inform the public and our stakeholders that Aluminum Extrusion Industries Plc received a notification from the majority shareholder, Tower Aluminum Nigeria Plc (In Receivership), that Tower Alloys Industries Limited has acquired the shares previously held by Tower Aluminum Nigeria Plc in the Company and thus has become the beneficial owner of 148,586,381 shares of the Company.”

Tower Alloys Industries is now the majority shareholder in Aluminum Extrusion Industries, owning 148,586,921 shares in total.

Aluminium Extrusion Industries’ sales in Q3 2023 were N463.32 million compared to N673.99 million a year ago, down by 31.26 per cent Y-o-Y. Recently, the company appointed Dr Jinesh Chandra Dugad and Mr Rakesh Shah as Non-Executive Directors of the company.