C & I Leasing PLC, a financial leasing company, said at the weekend its ongoing N3.2bn right issue will be used for business expansion in all its subsidiaries. This is even as the company is bullish about growing its revenue from N33.68bn to N66.34bn between now and 2023. This projection is premised on a Compound Annual Growth Rate (GACR) of 18.48 per cent as the company specializing in Hertz/Fleet Management, Marine Services and Personnel Outsourcing. The N3.2bn rights issue is part of the N20bn bond approval by the Board of the company with N7bn of the bond raised last year.
The existing rights issue at N6 per ordinary share of 50k each which opened November 18 is expected to close by Dec 27. Managing Director/CEO of the company, Mr. Andrew Otike-Odibi who spoke at the weekend said the response from the issuing house and the stockbrokers has been positive.
He disclosed that the company had made three successful payments on the N7bn bond taken last year without any default. He said, “We took N7bn last year and we have made three successful payments to the trustees without default in the amount or date. That speaks volume about the business and the cash flow we generate.’’
