The Nation Newspaper

Tag: C & I Leasing

  • Incomplete share reconciliation delays trading on C & I Leasing

    C & I Leasing Plc has requested for extension of the full suspension of trading on its shares at the Nigerian Stock Exchange (NSE), after the leasing company failed to complete its ongoing share reconstruction within earlier stipulated period.

    The C & I Leasing at the weekend indicated that the suspension on its shares would remain for unspecified number of days to enable it complete the ongoing shareholding reconciliation, a major step under the ongoing share reconstruction exercise.

    According to the company, it had witnessed a delay in the reconciliation of its shareholding. A complete and fully reconciled shareholders’ register is a necessity for any changes in the shareholding structure.

    “We are now close to completing the exercise and the suspension will be lifted in the coming days,” the company said at the weekend.

    The NSE had placed full suspension on trading in the shares of C & I Leasing in order to facilitate the ongoing share reconstruction of the leasing company. The full suspension was expected to remain until December 27, 2018 during which there would be no trading and price movement on the shares of C & I Leasing.

    The full suspension was to enable the company’s registrars to update the register of shareholders for the planned share consolidation.

    C & I Leasing plans to reduce its paid up share capital by 80 per cent in a share capital reconstruction that will see cancellation of 1.506 billion ordinary shares.

  • Incomplete share reconciliation delays trading on C & I Leasing

    C & I Leasing Plc has requested for extension of the full suspension of trading on its shares at the Nigerian Stock Exchange (NSE), after the leasing company failed to complete its ongoing share reconstruction within earlier stipulated period.

    The C & I Leasing at the weekend indicated that the suspension on its shares would remain for unspecified number of days to enable it complete the ongoing shareholding reconciliation, a major step under the ongoing share reconstruction exercise.

    According to the company, it had witnessed a delay in the reconciliation of its shareholding. A complete and fully reconciled shareholders’ register is a necessity for any changes in the shareholding structure.

    “We are now close to completing the exercise and the suspension will be lifted in the coming days,” the company said at the weekend.

    The NSE had placed full suspension on trading in the shares of C & I Leasing in order to facilitate the ongoing share reconstruction of the leasing company. The full suspension was expected to remain until December 27, 2018 during which there would be no trading and price movement on the shares of C & I Leasing.

    The full suspension was to enable the company’s registrars to update the register of shareholders for the planned share consolidation.

    C & I Leasing plans to reduce its paid up share capital by 80 per cent in a share capital reconstruction that will see cancellation of 1.506 billion ordinary shares.

  • Abraaj, C & I Leasing in $10m debt-to-equity deal

    AbraaJ Investment Management Limited (AIML) has indicated its intention to convert its $10 million loan in C & I Leasing to equities in the Nigerian leasing company. The proposed conversion followed the 2018 maturity of the $10 million unsecured, coupon redeemable, convertible loan stock in C & I Leasing.

    C & I Leasing yesterday stated that representatives of Abraaj – managers of the Aureos Africa Fund, confirmed their intention to convert the loan stock to equity at a board of directors’ meeting of C & I Leasing held in December 2018.

    Managing Director, C & I Leasing Plc, Mr. Andrew Otike-Odibi, said the proposed debt-to-equity deal would be a positive deal for the company as it improves the capital structure of the company and helps position it favourably for additional capital raise from the market in first quarter 2019.

    C & I Leasing had in December 2018 announced its intention to restructure its issued and paid-up share capital by consolidating every four ordinary shares of 50 kobo each currently held into one new ordinary share of 50 kobo.

    The share capital reconstruction will see cancellation of 1.506 billion ordinary shares. The reconstruction will reduce C & I Leasing’s current outstanding share capital of 1.883 billion ordinary shares of 50 kobo each to 376.56 million ordinary shares of 50 kobo each. The qualification date for the share reconstruction was Wednesday, December 12, 2018. All existing C & I Leasing shares certificates became null and void on the qualification date and new share certificates in C & I Leasing would be issued to those shareholders whose names appear on the company’s register of members as at the close of business on the qualification date as approved by the court in the ratio of one ordinary share for every four ordinary shares previously held.

    The company stated that the purpose of the reconstruction was to allow the company to have enough unissued shares to accommodate the conversion of the Abraaj loan stock to ordinary shares and to raise additional capital through the capital market for business expansion.

    C & I Leasing has been in operation for more than two decades and has since evolved from being a simple finance leasing company licensed by the Central Bank of Nigeria in 1991 to becoming a diversified leasing and business service conglomerate providing support services to various indigenous and multinational organizations in West Africa.

    The group’s business includes fleet management, personnel outsourcing and marine services and it has operational offices in Lagos, Benin, Port-Harcourt, Calabar, Enugu and Abuja. C & I Leasing’s subsidiaries include Leasafric Ghana Limited and Epic International FZE Dubai.

     

  • NSE places full suspension on C & I Leasing

    Authorities at the Nigerian Stock Exchange (NSE) yesterday placed full suspension on trading in the shares of C & I Leasing Plc in order to facilitate the ongoing share reconstruction of the leasing company. The full suspension is expected to remain until December 27, 2018 during which there will be no trading and price movement on the shares of C & I Leasing.

    The full suspension was to enable the company’s registrars to update the register of shareholders for the planned share consolidation.

    C & I Leasing plans to reduce its paid up share capital by 80 per cent in a share capital reconstruction that will see cancellation of 1.506 billion ordinary shares.

    According to the plan, four ordinary shares of 50 kobo each will be consolidated into one ordinary share of 50 kobo each. The reconstruction will reduce C & I Leasing’s current outstanding share capital of 1.883 billion ordinary shares of 50 kobo each to 376.56 million ordinary shares of 50 kobo each.

    The qualification date for the share reconstruction was Wednesday, December 12, 2018. All existing C & I Leasing shares certificates became null and void on the qualification date and new share certificates in C & I Leasing would be issued to those shareholders whose names appear on the company’s register of members as at the close of business on the qualification date as approved by the court in the ratio of one ordinary share for every four ordinary shares previously held.

     

  • C & I Leasing eyes with new vessels

    C&I Leasing Plc has acquired two new vessels as part of efforts to enhance the performance of the company under its various contracts.

    The new 2018 ‘ASD 2913 Tugboats’ named ‘MV Chidiebube’ and ‘MV Folashade’ with SIFAX Marine Limited under the SIFAX  C&I Marine Limited joint venture arrangement.

    Managing Director, C & I Leasing Plc, Mr. Andrew Otike-Odibi, said the boats would be deployed immediately for a long-term contract with Nigerian Liquefied Natural Gas Company (NLNG).

    C&I Leasing had in July 2018 concluded the buyout of a 27.5 per cent minority stake in C & I Petrotech Marine Ltd- the company’s marine business subsidiary, and in the process took over complete ownership of six vessels presently deployed in a long-term contract with Shell Petroleum Development Company of Nigeria (SPDC).

    Otike-Odibi said the acquisition of these new vessels in addition to the buyout transaction of C & I Petrotech Marine Plc were evidence of C & I Leasing’s commitment to expanding its marine business and service delivery in this segment which it entered in 2010.

    “C& I Leasing is committed to becoming the most preferred Marine partner for the international oil companies (IOCs) in Nigeria. We will continue to follow through on all that needs to be done to meet their needs. These new vessels have been built to specification for the assignment ahead and we are confident that they will deliver even beyond expectation,” Otike-Odibi said.

  • UPDC, C & I Leasing list N11.36b bond on NSE

    UACN Property Development Company (UPDC) Plc and C & I Leasing Plc have listed their newly issued corporate bonds valued at N11.36 billion on the Nigerian Stock Exchange (NSE).

    UPDC, a subsidiary of UAC of Nigeria (UACN) Plc, listed the N4.355 billion 16 per cent Series 1 Senior Guaranteed Fixed Rate Bond Due 2023 under its N20 billion Bond Issuance Programme.

    The listing by way of introduction provided bondholders opportunity to trade on their investments and allow new investors to participate in the issue.

    UPDC had offered 4.355 million units of the 16 per cent bond at N1,000 per unit. The issue was fully subscribed.

    C & I Leasing listed 7.0 million units of its 16.54 per cent Senior Secured Series 1 Bond. It had offered 7.0 million units at N1,000 per units.

    Companies have increasingly turned to corporate debt issue to bridge the gap between the apathy in the primary equities market and funding requirements for corporate growth.

    UPDC, for instance, has been leveraging on debts to fund its projects, after a slowdown in real estate market and stock market recession combined to shrink access to long-term capital.