Proshare Logo
   Market Date: 01-08-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

C&I leasing shareholders approve N2.2 billion unsecured convertible loan

Category: Capital Market


  Read (1982)
C&I leasing shareholders approve N2.2 billion unsecured convertible loan

 

Shareholders of C&I leasing have approve a stock loan facility of about N2.2 billion for the expansion and development of a strong diverse finance service base for the company.

 

 

Specifically, the loan facility is a N2.240 billion unsecured redeemable convertible loan stock to last between 2009-14 in registered units of N4.75 at par. Speaking at the company's extra ordinary meeting, the Managing Director, Mr. Emeka Ndu said that based on the confidence and results posted by the company, shareholders had cemented their support for the management by approving the loan.

 

 

He said that the group made capital investment amounting to N2.1 billion in the year ended January 2009, which were made to further enlarge the assets generating income potential across the group. Further, Chairman C&I leasing, Abdul Bello, said that the company growth in turnover was as a result of increased revenue from its outsourcing and car rental services, increased volume of finance lease transactions and the consolidation of C&I Motors Limited results.

 

 

He also stated that the company made substantial investment in systems upgrade and going forward would be looking to reap the benefits of those investments. To Ndu, "during the year, the company incorporated an additional subsidiary, Citrans Global Limited to operate a modern taxi service in Lagos under the Lagos State Government license.

 

 

One shareholder, Adio Alex, who is also the Chairman of Dynaminc Shareholders' Association of Nigeria, said that the decision to seek improved financing was a good one in the face of the current global economic meltdown. According to C&I, the proceeds of the loan would be used to finance the expansion of its existing businesses, product and distribution network, repayment of current borrowing and working capital.

 

 

According to the company, in recent years, that activity had been expanded to providing logistic support services, which it said made it a key player in the strategic oil and oil service industry where it provided leases and ancillary services to both local affiliates of international companies such as Cadbury, Heineken, Shell, Chevron, ExxonMobil, ENI-Agip, and MTN.

 

 

The company posted a turnover of N4.7 billion for 2009, an increase from N2.4 billion it recorded in 2008, and N6.8 billion for the group compared with N2.6 billion in 2008.

 

(Source:Guardian)



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint