Brief History and Nature of Business

The company was incorporated in Nigeria on 05 th April, 1993, as a Private Limited Liability Company with the name Associated Bus Company Limited to engage in the business of transportation and ancillary services. The company had an Authorized Share Capital of 1,000,000 Ordinary Shares of N1.00 each. The Authorized Share Capital was first increase to 20,000.000 Ordinary Shares of N1.00 each in 1998, and in 2003, it was increased to 30,000,000 Ordinary Shares of N1.00 each. On 21st November, 2005, the Share Capital was restructured by splitting the existing Share Capital of N1.00 each to 50 kobo each, also a special resolution to convert the company from Private to Public was adopted same day along with a set of Memorandum and Articles of Association to super cede all the pre-existing Memorandum and Articles of Association. On 15 th December, 2005, at an extra-ordinary general meeting of the company, the Authorized Share Capital was increased to 860,000,000 Ordinary Shares of 50 kobo each. Again, on 20 th February, 2006, the Authorized Share Capital was further increased to 1,600,000,000 Ordinary Shares of 50 kobo each.

 

Future Prospects

The company looks forward with a great deal of enthusiasm to the future and has a very clear vision that incorporates significant growth objectives, which will ensure that we are globally competitive.

We are undertaking a major change initiative within the company, which is focused on attaining increasing levels of growth in both Turnover and Profitability, which in turn, will be beneficial to all our stakeholders. We are going to introduce various transport related revenue packages and ensure that we maintain our record as leading Transport Company in West Africa sub-region. As reported earlier, our efforts to reposition the company over the past years and given the on-going fund raising structure of the IPO, the company is in a position to bear fruits and to build on existing consolidation and maintain its lead in the industry.

The company intends to pursue an accelerated growth, a service expansion into the mass market, and geographical expansion to other parts of the country and continent of African. We provide services to the Eastern, Western, and making remarkable impacts in Nigeria , Togo , and Ghana .

These services include:

•  Bus Passengers Services

•  Charter Services

•  Cargo Express Services

•  Personal Message services

•  Hospitality Services

•  City Transit Inn, Abuja .

All these services are designed to ensure customers' comfort, safety, and convenience at all times.

ABC Plc has severally held the “Bus Operator of the Year” award, as well as the award as the “Best Land Transporter in Nigeria ”. These are in addition to a myriad of other awards.

Our strategy for success in the future is to continue to maintain this lead. On our staff, reward policies will be clearly linked to the achievement of results targets and performance.

Purpose of Offer

The purpose of this Public Offer for shares is to raise funds to assist the company in:

1. Purchase of new buses and trucks.
2. Develop and expand Terminals.
3. Meet working capital needs as result of proposed expansion of operations.
4. Repaying major loans aimed at reducing cost of the funds thereby increasing profit margin.

 

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