•Mulls new capital raising
Chams has successfully restructured its operations and now on the path of sustained growth. The company has launched a process to further strengthen its balance sheet through injection of new capital.
Group Managing Director, Chams Plc, Mr Femi Williams said the company’s businesses have been repositioned and now delivering improved results, assuring shareholders of better days.
Addressing journalists on the activities of the company yesterday in Lagos, Williams said the company embarked upon restructuring to sustain its competitive edge and deliver value to all stakeholders.
According to him, the restructuring exercise became necessary in view of the challenging operating environment in Nigeria and the need to grow the company’s balance sheet on sustainable basis.
“It is noteworthy that the repositioning exercise through a network of our seasoned human capital has begun to pay off despite the operating environment in Nigeria. The company’s financial fortune has been turned around to put smiles on the faces of our stakeholders,” Williams said.
He assured that the company’s top-line and bottom-line as well as other major performance indicators will justify the substance and essence of the restructuring exercise.
He reiterated the commitment of the board and executive management to the growth of the company and delivery of worthy returns to the investors.
He said the company has developed a robust private sector client base and now deploying its products to support corporate growth pointing out that Chams has deployed its e-voting platform to ensure cost-effective and seamless voting system for some reputable organisations in Nigeria.
He explained that the company’s business model has been modified from identity management to intelligent business solutions, thereby carving a niche for it to be more innovative in providing solutions and platforms for private and public sector organisations.
“We are currently undergoing development of two innovative solutions that will be rolled out into the market soon. Our pharm IT platform was successfully launched in December 2018 at the Pharmaceutical Society of Nigeria (PSN) Conference. It is a technology solution developed for the pharmaceuticals industry to enhance and manage drug distribution. Chams had developed a customized Rapid Application Development Framework for development of mission critical enterprise solutions for peculiar Nigerian and African environment. We had used this framework to deliver solutions for real estates, pharmaceuticals and other industries in Nigeria. Our subsidiaries have also achieved several commendable feats at the close of fourth quarter of 2018. Some of these include provision of innovative solution to telecommunication and financial institutions, especially financial issuance solutions,” Williams said.
He added that Chams has recorded many success stories following the positive outcome of its restructuring exercise including award of the Bank Verification Number (BVN) project in partnership with Dermalog, which was delivered in all bank branches in the 36 states of the federation within timeline, deployment of e-voting platform called VOTA which is currently being used by organisations like Chartered Institute of Taxation of Nigeria (CITN) and Institute of Chartered Accountants of Nigeria (ICAN) and others.
He noted that the company places higher premium on working for the private sector but also engages the government on partnership basis.
According to him, ICT sector is quite challenging and capital intensive as the sector is rapidly changing in terms of technology.
Williams assured the company’s shareholders that the successful outcome of its restructuring would enhance its profitability and return on investment (ROI).