UAC of Nigeria PLC and UACN Property Development Company (UPDC) today announced their plans to recapitalize and restructure UPDC. According to the release, the Company has struggled with high levels of debt, which combined with declining revenues and profitability have resulted in cash flow challenges to meet its obligations.
A new board was appointed in August, 2018 with Fola Aiyesimoju, a former KKR principal, as the CEO.
For more details, read UPDC’s full release under the financial reports tab of our WebApp here.
More to follow.