R.T. Briscoe Nigeria PLC has obtained the approval of the Securities and Exchange Commission (SEC) to raise N10 billion in funds through a savings and investments scheme.
RT Briscoe is engaged in the sales and servicing of Toyota and Ford Motor vehicles, technical services, material handling and property development and management.
Speaking with journalists in Lagos recently, Seyi Onajide, group managing director of RT Briscoe Nigeria Plc, said the savings and investment scheme would allow the rich, middle class, and the poor to participate and the company to gradually build up capital.
On how it works, he cited an example that someone can buy 100,000 shares for N100,000 by saving over a specified period, between 18 and 24 months, while big pocket investors can activate a one-time payment on their investments.
He said the idea is to allow the existing 43,000 RT Briscoe shareholders who are mostly retired to pay instalments owing to the impact of the harsh economic situation on people’s income.
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Onajide said the investment would go to a trustee approved by SEC, who will keep the invested sum with interest until the trustee calls a meeting of all subscribers to decide if their money is to be converted into Briscoe shares or not.
“The savings and investment initiative gives opportunities to all interested parties to grow funds either to buy Briscoe shares or not. There will be additional benefits for those who end up choosing to buy Briscoe shares,” he said.
According to him, RT Briscoe is committed to meeting its debt repayment obligations to the bank, which comes with interest and penal charges, but he promised that the debt would be resolved before converting the savings into shares.
Onajide said the funding would enable the company to push forward with its new business plan that focuses on developing a Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) conversion plant in line with the Federal Government’s CNG initiative.
“We started the conversion of petrol or diesel engine cars into CNG and LPG without government funding. We believe it is the future. We have successfully done that on our pickup vehicles.
“We have submitted a proposal to the Presidential CNG committee, and they invited us to participate in the CNG initiative. We believe that the average vehicle owner in Nigeria and even commuters can benefit from this initiative because it has a lot of benefits. It will save costs for the motoring public,” he said.
