C&l Leasing obtains SEC approval on N3.23bn proposed rights issue

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C&l Leasing Plc has said that it had obtained an approval from the Securities Exchange Commission (SEC) on N3.23 billion proposed right issue.

In a statement on the Nigerian stock exchange (NSE), signed by the company secretary, Mbanugo Udenze & Co noted that the application list is expected to open on November 11, 2019 or any other date approved by the Commission and shall open for a maximum period of 28 days.

According to the statement, the rights issue was on the basis of four new ordinary shares for every three ordinary shares held and that the qualification date for the rights issue was on Wednesday, 4 September 2019.

It added that rights circular will be distributed to shareholders while application forms would also be made available on the website of the company’s Registrars for ease of access.

However, esteemed shareholders are advised to contact their stockbrokers and other financial advisers for more details on the offer.

Recently, C & I Leasing reported an impressive growth in profit after tax (PAT) of 27.1 per cent increase in its consolidated financial statement for the half year ended June 30, 2019.

The company profit after tax appreciated to N866.9 million, 27.1 per cent increase compared to N682.2 million that was recorded in the corresponding period of 2018.

Also, profit before tax experienced rose by 25.8 per cent from the N723 million declared in six months of 2018 to N909.2 million posted in the half year ended June 30, 2019.

The firm’s earnings per share (EPS) increased from 42.2 kobo at half year of 2018 to N2.14 in the corresponding period of 2019.

The Leasing and business service conglomerate gross earnings grew by 27.2 per cent  on the back of the growth in the company’s lease rental income which saw the turnover climb from N12.8 billion in H1 2018 to N16.3 billion in H1 2019.

The overwhelming impact of the improved turnover on the rest of the KPIs came essentially from the expansion of C & I Leasing’s business, specifically in the marine and fleet management services in the period under review.

Total assets moved to N57.2 billion in H1 2019, representing 8.7 per cent increase as against N52.6 billion posted in 2018 while Shareholders’ funds appreciated from N11.8 billion in 2018 to N12.8 billion in H1 2019, an increase of eight per cent.

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