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Peace Mass Transit becomes largest shareholder in C&I leasing with 65-67% equity

Peace Mass Transit becomes largest shareholder in C&I leasing with 65-67% equity

Upon finalization of the conversion of the loan stock to equity, Peace Mass Transit will become the single largest shareholder in C&I leasing, with its stake rising to about 65- 67 percent, Andrew Otike- Odibi, chief executive officer of Nigeria’s only listed leasing firm, C&I Leasing said.

The company in a notice to the Nigerian Stock Exchange, yesterday, said Peace Mass Transit, a transportation company, acquired 313,326,316 units of the Neoma Africa Fund L.L.C. (formerly Aureos Africa Fund, L.L.C.) unsecured variable coupon redeemable convertible loan stock in registered units of N4.75 each in C&I Leasing Plc, representing about 55.82 percent of the issued shares of the Company.

Before the acquisition, Peace Mass Transit held a shareholding right of 20 percent in the leasing firm. The new acquisition would, however, increase the firm’s stake in the business to around 65-67 percent, Otike- Odibi said Wednesday, in a virtual conference with Wednesday

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According to him, the transportation company became a shareholder in the business after it subscribed into a right issuance concluded in October 2019. “This thus made Peace Mass Transit a major shareholder that year, and was therein admitted into the board of C&I leasing in 2020,”

Otike- Odibi noted that the new acquisition would have no negative impact on the business rather, it would create an inroad into inviting more investors into the business.

The firm is looking to explore opportunities in the digital space after the pandemic caused a slow down in economic activities last year, leading to a decline in revenue.