C&I Leasing Plc said it has concluded the buyout of the 27.5 per cent minority in C&I Petrotech Marine Limited, a joint venture company with six vessels presently deployed to a long term contract with Shell Petroleum Development Company of Nigeria (SPDC).
A statement signed by the company secretary, Mbanugo Udenze & Co sent to the Nigerian Stock Exchange (NSE) said “As a result of this transaction, C&I Petrotech Marine Limited is now a fully owned subsidiary of C&I Leasing Plc”.
It would be recalled that a few weeks ago, C&I Leasing recorded a successful N7 billion Bond issue, the first series in a N20 billion debt issuance programme. The company stated that the funds raised would be used largely to invest in business expansion and restructuring of its debts over a five-year period, among others, which will guarantee increased profit margins and returns on investment to shareholders.
The company added that the buyout transaction of C&I Petrotech Marine minority shareholders is evidence of C&I Leasing’s commitment to investing in its business growth and expansion.
According to the managing director of the company, Mr. Andrew Otike-Odibi, our journey into the maritime sector as a service provider for the Oil and Gas sector actually started through the C&I Petrotech Marine Joint Venture in 2010 and has over the years culminated in the ownership of over 20 vessels consisting of crew boats, pilot boats, tug boats, patrol boats and platform support vessels for providing services such as line and hose handling, berthing and escort services, mooring support, fire-fighting, pollution control, security and floating and self-elevating platforms.
This level of investment, he continued, “clearly reiterates our commitment to growing our marine service business and gaining leadership in the field,” expressing hopes that the buyout will further the company’s drive to restructure and reposition its marine business for enhance profitability.’’
C&I Leasing commenced operations in 1991, licensed by the Central Bank of Nigeria (CBN) to offer financial leases to consumers but today, the C&I Leasing PLC brand has grown and evolved to support indigenous and foreign corporate organizations operating in sectors of the Nigerian economy, such as Marine, Telecommunications, Oil and Gas, FMCG and Banking, and listed on the NSE in 1997.
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