The Securities and Exchange Commission (SEC) has approved an application filed by C & I Leasing regarding an equity capital raising worth N3.23 billion through a rights issue, the company said Wednesday in a notice filed on the Nigerian Stock Exchange (NSE).
The approval followed plans by the publicly-held support and logistics company to sell new 539,003,333 ordinary shares of 50 kobo each at N6 per share to its existing shareholders on the basis of four new ordinary shares for every three ordinary shares held.
“The company has obtained an approval from the Securities Exchange Commission to conduct the signing ceremony with regards to the proposed rights issue,” C & I Leasing said in the notice issued by Mbanugo Udenze & Co, the Company Secretary.
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Only shareholders whose names appear in the company’s Register of Members at the close of business on Wednesday, September 4, 2019, would be qualified for the planned rights issue offer, according to the company.
C & I Leasing said the application list is expected to open on November 11, 2019, or any other date approved by Nigeria’s capital market regulator and shall open for a maximum period of 28 days. However, this is subject to the approval of the executed offer documents by the SEC.
Shares of the company remained unchanged at N6.60 after the close of business on Wednesday at the Lagos bourse.
