Modupe Gbadeyanka
By Modupe Gbadeyanka
Foremost brand for finance leases and other ancillary services, C&I Leasing Plc, has completed the completed the acquisition of the 27.5 percent minority stake in a Joint Venture, C&I Petrotech Marine Limited.
This comes after the successful issuance of its N7 billion bond by the leasing company. The bond issue is the first of N20 billion debt issuance programme aimed to expand operations of the company as well as restructure its debts over a five-year period.
Business Post reports that the acquisition of the minority shareholders of Petrotech JV will further the company’s drive to restructure and reposition its marine business for enhance profitability.
In a statement to the Nigerian Stock Exchange (NSE), C&I Leasing, the firm said the acquisition “clearly reiterates our commitment to growing our marine service business and gaining leadership in the field.”
As a result of the buyout, C&I Leasing has taken 100 percent ownership of six vessels presently deployed to a long-term contract with Shell Petroleum Development Company (SPDC).
The firm emphasised that this latest development is expected to guarantee increased profit margins and returns on investment to shareholders.
