Resort Savings and Loans Plc Sources Prospective Investors, Milost Global Inc

Proshare

Thursday, March 8, 2018 /10:58 AM / NSE

The Board of directors and management wish to notify The Nigerian Stock Exchange (‘’ The Exchange’’) that the bank has been able to source a prospective investors, Milost Global Inc. of New York, USA who has held preliminary discussion with the bank.

Following discussion, the bank has executed a $250 million financing facility term sheet and a commitment letter with Milost global Inc. the financing is comprised of $100 Million equity and $150 million debt.

The bank had earlier secured the interest of a local investor which the central bank of Nigeria is expected to give final approval to in due course.

With the signing of the commitment letter, a due diligent exercise will take place after which a substantive Agreement and other documentations will follow. The central bank of Nigeria has been informed in the same vein

The transaction will be executed in phases through private placing for the investors after securing approvals from Central Bank of Nigeria, Securities and Exchange Commission and Nigeria Stock Exchange

It is the believe of the Board of Management that the proposed investment will assist the Bank in no small way in recapitalizing the business, growing capacity and in becoming the leader in the mortgage finance industry. with this, we expect to be able to deliver impressive returns to our shareholders and satisfy the expectations of our other stakeholders in the very near future.

The action was approved at our board meeting of 26
th
February, 2018

Related News
1. Resort Savings and Loans Plc Appoints Mr. Kolawole Israel Adesina as Executive Director and COO
2. Resort Savings & Loans Plc Appoints Senator Sunday Olawale Fajinmi as Chairman
3. Resort Savings & Loans Plc Appoints Mr. Olayemi Rabiu as MD
4. Resort Savings & Loans Plc Appoints Mr. Oshoke Aliu as an Executive Director
5. NSE Places RESORTSAL on Full Suspension Pursuant to the Directives of SEC

READ MORE:
Related News
SCROLL TO TOP