C&I Leasing’s Remarkable Growth Trajectory Attracted us—PMT
By Aduragbemi Omiyale
A few days ago, the management of C&I Leasing Plc informed the investing community that Peace Mass Transit (PMT) has acquired about 55.82 per cent of the issued shares of the company.
The deal was done through the conversion of loan stock, about 313,326,316 units of the Neoma Africa Fund (formerly Aureos Africa Fund), transferred to PMT.
C&I Leasing had said this transaction would strengthen its capital base as the possible redemption of the notes, with the company’s cash resources, had been eliminated, giving the firm the opportunity to use such funds to expand the operations of the business.
But for PMT, it agreed to acquire the loan stock of Neoma Africa Fund, an international subsidiary of Actis LLP, a UK-based private equity firm, because it saw the value in C&I Leasing. Neoma Africa agreed to exit the company and PMT was available to take charge.
The Chairman and Managing Director/Chief Executive Officer of PMT, Mr Sam Onyishi, in a statement issued on Wednesday by the company’s head of communication, Oluwatoyin Bayagbon, expressed confidence that the transaction will yield the expected return on investment.
“We have seen the value in C&I Leasing as a strong brand, hence, it is a no brainer that we opted to buy out the loan stock from Actis, in a deal which we are confident will yield the expected return on investment,” Mr Onyishi was quoted as saying in the statement.
PMT, which has a mission to provide an affordable and reliable transport system, has grown to be a trusted name in the transportation business in its over two decades of operations.
The firm provides transportation services for intercity/interstate travellers in Nigeria, also offering a unique service to hire a bus to anywhere in Nigeria at a very affordable price.
PMT also provides haulage services for businesses and individuals looking to transport large goods and services or materials within and around Nigerian cities.