SEC okays RT Briscoe’s N10bn fund raising plans

SEC okays RT Briscoe’s N10bn fund raising plans

RT Briscoe Nigeria Plc has secured approval of the Securities and Exchange Commission to raise N10bn through a newly introduced savings and investments scheme.

Group Managing Director/Chief Executive Officer of RT Briscoe Nigeria, Mr Seyi Onajide, disclosed this in Lagos during an interactive session with journalists.

He also spoke on the company’s commencing the conversion of petrol/diesel vehicles to run on compressed natural gas.

Onajide in a statement said the savings and investment scheme would allow the rich, semi-rich, and the poor to participate in the N10bn fund raising.

The scheme is open to both existing RT Briscoe’s 43,000 share holders and non-share holders.

Onajide said the investment would go to a trustee, already set up by SEC, who would keep the invested sum with interest until the trustee calls a meeting of all subscribers to decide if their money should be converted to 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.

He said RT Briscoe remained committed to meeting its debt repayment obligations to banks coming with interest and charges, but promised that the debt would be resolved before converting the savings into shares.