C & I Leasing Seeks Shareholders’ Nod For ₦30bn Capital Raise

C & I Leasing Plc has disclosed plans to raise ₦30bn through a combination of equity and debt instruments as part of a broader corporate restructuring and expansion strategy.

This was revealed in the agenda for its 34th Annual General Meeting (AGM), where shareholders will be asked to approve several key resolutions, including a proposed 71.15 per cent equity acquisition in Leasafric Logistics Limited.

According to the company’s notice to the NGX seen by THE WHISTLER, the proposed capital raise will comprise ₦15bn in equity and another ₦15bn in corporate bonds, aimed at supporting its business expansion and refinancing existing obligations.

The Board of Directors is expected to have the authority to determine the structure, pricing, and terms of the capital raise, subject to regulatory approvals.

The meeting will also seek shareholder approval for the company to acquire a direct ownership stake of 71.15 per cent in Leasafric Logistics Limited, amounting to 711,500 units of ordinary shares. The acquisition is to be funded through C & I Leasing’s share of dividends declared by Leasafric Ghana Plc for the financial year ending 2023.

In another major strategic move, the company is proposing the consolidation of all its finance lease operations and financial services activities into a single subsidiary, C & I Finance Company Limited. This initiative is aimed at streamlining operations and achieving operational efficiency across its business lines.

The AGM agenda also includes a resolution to close the operations of Epic International FZE, the company’s subsidiary in the United Arab Emirates (UAE), and redomicile it to a more favourable jurisdiction.

The board is expected to take all necessary steps to facilitate this transition in compliance with applicable laws.

Furthermore, the company is seeking shareholders’ approval for a General Mandate on Recurrent Related Party Transactions, in line with the Nigerian Exchange Limited’s rules.

The mandate would allow C & I Leasing to continue engaging in essential trading or revenue-related transactions with related parties that are necessary for its day-to-day operations until the next AGM.

Also on the agenda is a proposal to implement a management share bonus incentive scheme, which would be tied to pre-approved performance targets.

The scheme is designed to attract, retain, and motivate key personnel, aligning employee interests with shareholder value.

The Board has assured stakeholders that all proposed resolutions are aligned with its long-term growth objectives and corporate governance best practices.

The AGM is expected to draw significant interest from investors, given the scale of proposed transactions and the potential impact on the company’s capital structure and operational focus.

C & I Leasing Seeks Shareholders’ Nod For ₦30bn Capital Raise is first published on The Whistler Newspaper