CATEGORIES: Industry News, Nigerian Property Markets

UACN Property Development Company (UPDC) announces major restructuring plan

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.

 

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