• Thursday, May 30, 2024
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BusinessDay

Partnership Investment Company to raise N1.5bn through rights issue

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Partnership Investment Company Plc is set to raise N1.5 billion by way of rights issue. The rights issue at N1.50kobo per share will be 1 share for every 3 shares held by its shareholders.

The board of Partnership Investment Company plc got shareholders approval in a special resolution at its 22nd annual general meeting held recently in Lagos.

Victor Ogiemwonyi, managing director/CEO, Partnership Investment Company plc told BusinessDay that the company plans to use proceeds from the rights issue to fund its business expansions.

According to Ogiemwonyi, part of the rights proceeds will be used to create acquisition fund in line with the company’s plans to acquire about six targeted stockbroking firms ahead of the December 31, 2104 deadline given by Securities and Exchange Commission (SEC).

Presently, Partnership Investment Company plc is among the Top 10 stockbroking firms controlling volume and value of deals at the Nigerian Stock Exchange.

“The business of financial services is very large. If we are able to acquire 5-6 stockbroking firms, it will make us to be large as we want,” he added.