C & I Leasing Plc has set an ambitious revenue target of N66.34 billion which is expected to be actualised by 2023. This comes as the company is currently trying to raise about N3 billion through a rights issue. The money will facilitate the company’s expansion efforts.
Recall that last year, the company’s board approved a N20 billion debt issuance programme, the first leg of which (a N7 billion issuance) was oversubscribed by 33%. The latest N3.2 billion rights issue is a part of that 5-year fixed-rate senior secured bond.
It should be noted that the projected N66.34 billion revenue by 2023 is said to be based on a Compound Annual Growth Rate of 18.48%
In the meantime, the company’s Chief Executive Officer, Andrew Otike-Odibi, disclosed over the weekend that the ongoing rights issue of N6 per ordinary share of 50 kobo has been met with positive responses from stockbrokers and issuing houses. The right issue commenced on November 18 and will be ending on December 27th, 2019.
Daily Trust also quoted the CEO as stating that the company had successfully made three payments on the N7 billion bond that it took last year.
“We took N7 billion last year and we have made three successful payments to the trustees without default in the amount or date. That speaks volumes about the business and the cash flow we generate.’’
C & I Leasing Plc is an NSE-listed company that engages in the business of fleet management, auto distribution, and marine rental/leasing. The company also offers escort services, fire-fighting services, pollution control services, mooring support services, recruitment/HR consultancy services, among others. It was incorporated in December 1990 and listed on the NSE in December 1997.