Industrial Gases Ltd (IGL) has been renamed Industrial and Medical Gases Nigeria (IMG) Plc. This rebranding has been undertaken in order to expand operations, grow income and ensure enhanced value for shareholders.
The company’s Managing Director/Chief Executive Officer, Mr Ayodeji Oseni, at the unveiling of the new brand name and logo on Friday in Lagos said the rebranding was a dawn of a new era.
Oseni added that the company had developed a blueprint to strengthen its global competitiveness on a sustainable basis, irrespective of the nature of the operating environment.
He assured the shareholders that the rebranding was the dawn of a new era.
Oseni said the company was more positioned to expand its operations, introduce more innovative products and enhance shareholder value.
“We are all very excited about the bold and ambitious commitments that have been made by our new investor, the TY Holdings.
“These commitments will lead to additional plant procurement with accompanying facilities, strategic development of manpower, growth and development and business expansion within Nigeria and West Africa to name but a few.
We shall leverage our team of seasoned staff with rich industry experience, modern equipment and quality products and services for optimal performance and generate shareholder value on a sustainable basis,” Oseni said.
He disclosed that the company would deepen its online presence, drive conversions to boost patronage of its products and services and generate shareholder value on a sustainable basis.
“As a quoted company, we shall continue to comply with our post listing requirements on the NGX by providing quality and timely information on our operations regularly,” he added.
Oseni, however, called on the Federal Government to create an enabling environment for the operations in the real sector to boost capacity utilisation to create job opportunities.
In his welcome address, the Chairman, Mr Abiodun Alabi, said that the rebranding was necessitated by the board’s determination to strengthen the company’s operations, following its acquisition of 60 percent stake by TY Holdings
“In August this year, The Linde Group sold its controlling ownership of 60 percent to TY Holdings, a group of company which has several business interests in various sectors of the Nigerian economy.
“The TY Holding Group is known for astuteness, great vision, and passion to excel in any field that it has presence,” Alabi said.
He explained that the shared vision was to significantly strengthen the number one position of our company in Nigeria and deepen our activities in West Africa.
“Today, as we unveil the new name and logo of our dear company, the collective challenge to all stakeholders is to join hands to endure the success of our new journey.
“The bane of our industry at present is lack of government regulations and standards to ensure that players provide safe and quality products.
“I call on the Federal Government to address these challenges without further delay,” said Alabi.
A prominent shareholder of the company, Mr Sunny Nwosu, in a goodwill message, commended the board and management for the historic event.
Nwosu described the rebranding as a great expectation of increased dividends for the shareholders.
The company was founded in Nigeria in 1959 as Industrial Gases Ltd (IGL).