We’ll convert $10m loan in C&I Leasing to equity —Abraaj

The Abraaj Group has said it will convert its $10m loan to C & I Leasing Plc to equity. According to a statement made available to the Nigerian Stock Exchange on Tuesday, the conversion is following the 2018 maturity of the $10m unsecured, coupon redeemable, convertible loan stock in C & I Leasing Plc. The statement said Abraaj confirmed its intention to convert the loan stock to equity at a Board of Directors’ meeting of C & I Leasing in Lagos last month. The Managing Director/Chief Executive Officer, C&I Leasing, Mr Andrew Otike-Odibi, said, “This development is positive for our business as it improves the capital structure of the company and helps position it favourably for additional capital raise from the market in the first quarter this year.” According to the statement, in December, the company announced its intention to restructure its issued and paid-up share capital by consolidating every four ordinary shares currently held to one new share in the company. PUNCH