RT Briscoe Nigeria Plc has secured the approval of the Securities and Exchange Commission (SEC) to raise N10 billion in funds through a newly introduced savings and investments scheme.
Speaking with journalists in Lagos, Group Managing Director, RT Briscoe Nigeria, Seyi Onajide, said the savings and investment scheme would allow both the rich and the poor to participate and the company to gradually build up capital.
On how it works, he cited an example that someone can buy 100,000 shares for N100,000 by saving over a specified period, between 18 and 24 months, while big pocket investors can activate a one-time payment on their investments.
He said the idea is to allow the existing 43,000 RT Briscoe shareholders who are mostly retired to pay instalments owing to the impact of the harsh economic situation on people’s income.
Onajide said the investment would go to a trustee approved by SEC, who will keep the invested sum with interest until the trustee calls a meeting of all subscribers to decide if their money is to be converted into Briscoe shares or not.
“The savings and investment initiative gives opportunities to all interested parties to grow funds either to buy Briscoe shares or not. There will be additional benefits for those who end up choosing to buy Briscoe shares,” he said.
According to him, RT Briscoe is committed to meeting its debt repayment obligations to banks which come with interest and penal charges but promised that the debt would be resolved before converting the savings into shares.
