The Managing Director/Chief Executive Officer of C & I Leasing Plc, Andrew Otike-Odibi has revealed why the company did not pay dividend to its shareholders for the past two years.
While the leasing company was presenting its ‘Facts Behind the Figures’ at the Nigerian Stock Exchange (NSE) in Lagos, Otike-Odibi said the leasing company was unable to pay dividend as a result of retention of funds to grow the business.
In a new development, the company’s MD assured shareholders that they would be happy at the end of the current financial year.
The finance leasing company, had in June, 2018, made known that its N7 billion bond issuance was oversubscribed by 133 percent, amid plans for expansion across its various business segments.
The bond offer is a five-year fixed rate senior secured bond, which was officially opened for issue on May 21 and closed on June 4, 2018.
In July, 2018, the company concluded the buyout of 27.5 per cent minority stake in C & I Petrotech Marine Limited (CPML), a joint venture with six vessels presently deployed to long term contract with a leading oil firm.
In a filing to the Nigerian Stock Exchange (NSE) yesterday, the company said the parties engaged an independent adviser to value the shares of the CMPL before the consummating the buyout.
Following its establishment in 1990, C & I Leasing concluded a major restructuring which saw its conversion to a public company with its share quoted on the official list of the NSE as the only leasing, support and logistics rental services company.
C & I Leasing group of companies is made up of three divisions, Fleet Management, Outsourcing, and Marine divisions and two subsidiaries in Leasafric, Ghana and EPIC International FZE, United Arab Emirates.
The company was incorporated as a limited liability company licensed by the Central bank of Nigeria (CBN) to offer operating leases, finance leases and other ancillary services.
As of August 8, 2018, C & I Leasing Plc was trading at N2.50 at the Nigerian Stock Exchange (NSE) market.