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SEC approves C&I Leasing N539 million worth rights issue

Babajide Okeowo

The Securities Exchange Commission, SEC has given leading maritime company C&I Leasing Plc the go-ahead to open subscription of a rights issue.

The rights issue is of Five Hundred and Thirty-Nine Million, Three Thousand, Three Hundred and Thirty Three (539,003,333) ordinary shares of Fifty Kobo (N0.50) each at Six Naira (N6.00) per share, on the basis of four (4) new ordinary shares for every three (3) ordinary shares held.

In a notification sent to dealing members of the stock market, the firm disclosed that the Qualification Date for the rights issue was scheduled for Wednesday, September 4, 2019.

Based on the approval obtained from SEC, the offer opened on Monday, 18th of November 2019 and is expected to close on Friday 27th of December 2019.

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The leasing firm noted that the rights issue e-Circular was being distributed to shareholders. It also admonished the shareholders to access the rights issue e-Circular on the website of the company’s Registrars, Centurion Registrars.

C&I Leasing consolidated financial statements for the period ended September 30, 2019, showed that the company experienced a slight decline in its profit after tax.

In the first three quarters of 2019, the firm recorded N26.55 billion in gross earnings, compared to N19.86 billion recorded as at the third quarter of 2018, representing an increase of 33.67%.

Profit before tax for the logistics firm stood at N1.20 billion as at the third quarter of 2019, compared to N1.28 billion recorded at the end of the third quarter of 2018, representing a decline of 6.67%.