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C & I Leasing N3.2bn rights issue closes today

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By Peter Egwuatu

C & I Leasing Plc Rights Issue of N3.2 billion will close today, Monday, January 13, 2020, following the extension period granted the company by the Securities and Exchange Commission (SEC). The SEC had granted C&I Leasing Plc a 10-day extension for the closure of its  Rights Issue which initially ended December 27, 2019.

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SEC, referring to the request of its board for an extension of the offer period on the Rights Issue dated December 17, 2019, stated that it had granted 10 working days extension from the closing date of the Offer.

C & I Leasing, through its Managing Director, Andrew Otike-Odibi, had explained that non-shareholders of the company could partake in its ongoing N3.2 billion Rights Issue.

He added that the capital raised from the offer would be used to refinance some of the company’s debts while the rest would be used for expansion into the marine business as the company seeks to invest heavily in this sector.

“Part of the proceeds from the Rights Issue will be to refinance some of our debts and the rest of it will be for business expansion. We’ve invested heavily in the marine business and will continue in these investments because of the opportunities in that area so part of that money will go into growth in the marine business where we will buy new vessels,” Andrew Otike-Odibi said.

He added: “The C&I Leasing Rights Issue does not only offer better pricing but is also rewarding in terms of the number of shares that existing shareholders are getting. Subscribing to the C&I Leasing Rights offer will entail that a shareholder will pay N24 for 4 additional shares that are worth N29.2 in the market, which is a gain of N1.3 per share. It means the C&I Leasing Rights Offer makes more economic sense.

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C&I Leasing Plc engages in the business of fleet management, auto distribution, and marine rental/leasing.

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