The Directors of the Blue Power Group have reached a conclusion, that having the Lumber Depot Division operate as a separate company will enhance its prospects for growth.

The company says this will be achieved through acquisitions of and/or mergers with other companies in related lines of business. The company says the same consideration will be applied to its other unit, the Blue Power Soap Division.

In order to effect this move, the Directors have scheduled an Extraordinary General Meeting to be held immediately after the Annual General Meeting on August 14, 2019.

It will consider and, if thought fit, pass resolutions that would see the issue or transfer of the Company’s shares in a newly created subsidiary of the Company, Lumber Depot.

In addition, the Directors are also seeking the transfer of the business and assets of the Lumber Depot Division of the Company to Lumber Depot Limited as of August 1, 2019, in consideration for related liabilities and transaction costs.