By Sofiyyah Layole
Multi-Trex Integrated Foods Plc has announced plans to hold a rare combined 6th-16th Annual General Meeting (AGM) covering 11 financial years, as the food processing company moves to complete its long-running restructuring process and onboard a new strategic investor.
The AGM, which will cover the company’s results from 2014 to 2024, is scheduled for December 19, 2025, in Ogun State.
According to the notice signed by Company Secretary, Adebisi Adekunle Sogunle, the meeting will receive the long delayed audited financial statements spanning the 11 year period, alongside the reports of the directors, auditors, and statutory audit committee.
A major highlight of the meeting is the proposed reconstitution of the board. Six new directors, including Alhaji (Dr.) Murthada Adeniji, Prof. Olaolu Ali (SAN), Premier Akhator Oiwoh, Olaniyi Yusuf, Hassan Usman, and ’Biodun Olaleru (SAN), are being presented for shareholders’ approval to replace outgoing board members.
The company is also proposing the reappointment of three serving directors who are retiring by rotation: Dr. Olusegun Aina (OFR), Mr. Anthony Chisnall, and Mr. Abayomi Sanya.
In what signals a significant shift in its capital structure, Multi-Trex is seeking shareholders’ approval to issue and allot 6.159 billion ordinary shares at 69 kobo each to N-Foods Universal Concept Limited, its prospective new investor. This is contingent on the investor completing the payment of ₦4.25 billion to AMCON and the company.
Following regulatory approvals from the Securities and Exchange Commission (SEC), the Nigerian Exchange (NGX), and other bodies, the company plans to increase its share capital by creating the new shares and registering them with the Corporate Affairs Commission.
Multi-Trex is also proposing a pro rata capital reduction under a capital reconstruction scheme, a move aimed at strengthening the company’s balance sheet and aligning its capital structure with its current financial realities.
The AGM will also consider routine matters such as the reappointment of Baker Tilly Nigeria as auditors, disclosure of managers’ remuneration, and election of the statutory audit committee.
Once one of Nigeria’s largest cocoa processing firms, Multi-Trex has spent years under AMCON oversight due to heavy debt obligations and operational challenges. The planned capital injection and board restructuring could signal a renewed attempt to revive operations and restore full compliance with listing requirements.
