Peace Mass Transit acquires 55 percent stake in car leasing company

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Peace Mass Transit, 55.82 percent, C&I

Peace Mass Transit Plc, a travel and logistics company will acquire 55.82 per cent shares in car leasing company, C&I Leasing Plc.

The company disclosed this in a statement posted on Tuesday on the Nigerian Stock Exchange.

It added that the acquisition follows the purchase of 313,326,316 units of the Neoma Africa Fund L.L.C. unsecured variable coupon redeemable convertible loan stock in the leasing company.

According to the company, the registered units of the loan stock was N4.75 each or its dollar equivalent in C&I Leasing by Peace Mass Transit.

“The loan stock, when fully converted, will result in the issuance of 987,500,000 Ordinary Shares of the Company which will represent 55.82% of the issued shares of the Company.”

C&I further disclosed that all requisite documents in connection with the transaction have been executed by the parties, adding that the transaction would strengthen the capital base of the Company and improve clarity of the capital structure.

“This is highly beneficial to the company as the need for a possible redemption of the Notes, with the company’s cash resources, has been eliminated.

“It is against this background that the shareholders approved the Conversion of the Notes to ordinary shares at an Extraordinary General Meeting held on 3rd November 2020.

“The purchase and eventual conversion of the shares will strengthen the Company’s credentials as a leading Nigerian-owned service provider with operations in Nigeria, Ghana, and the United Arab Emirates.”