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Home Business News Corporate deals

Peace Mass Transit acquires 55.82% ordinary shares of C&I Leasing Plc

Adeyemi AdebayobyAdeyemi Adebayo
2 years ago
in Corporate deals
C&I Leasing Plc, Nigerian Stock Exchange, NSE, Suspension

C&I Leasing Plc

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C&I Leasing Plc has announced that Peace Mass Transit has purchased 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) unsecured variable coupon redeemable convertible loan stock in registered units of N4.75 each or its US$ equivalent in C&I Leasing Plc.

This was disclosed by the company in a statement issued and signed by the Company Secretary, Mbanugo Udenze & Co.

READ: Former Andela boss, Aboyeji, has new venture aimed at funding early-stage businesses 

When fully converted, the loan stock will result in the issuance of 987,500,000 (Nine Hundred and Eighty-Seven Million and Five Hundred Thousand) Ordinary Shares of the Company.

This will represent 55.82% of the issued shares of the Company.

READ: N3.2 billion Rights Issue: C and I Leasing files SEC application

What they are saying

The Company, in the issued statement available on the NSE, argued that: “the transaction will strengthen the capital base of The Company and improve clarity of the capital structure.”

READ: AfDB approves $22 million loan to boost SMEs operations

The Company also notes that: “the acquisition is highly beneficial to the company as the need for a possible redemption of the Notes, with the company’s cash resources, has been eliminated.”

What you should know: Shareholders approved the Conversion of the Notes to ordinary shares at an Extraordinary General Meeting held on 3rd November 2020.

Related

Tags: Business NewsC & I Leasing PlcPeace Mass Transit

Comments 1

  1. Benneth Ologbo says:
    February 4, 2021 at 5:50 pm

    I believe that with this publication which just published. I commend it and I will be likely to know the kind of vessels which you purchased, and how many tons of crude will this vessels Cary

    Reply

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