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RT Briscoe Nigeria Plc has revealed plans to raise N10bn through a newly launched investment scheme approved by the Securities and Exchange Commission.
The firm in a statement made available to The PUNCH noted that the scheme aimed at diversifying funding sources and expanding operations marked a significant step for the company amidst evolving market conditions.
The Chief Executive Officer of RT Briscoe Nigeria, Seyi Onajide, stated that the company was also embarking on a strategic initiative to convert petrol and diesel vehicles to run on Compressed Natural Gas demonstrating its commitment to sustainability and innovation in the automotive sector.
“RT Briscoe Nigeria Plc has secured the approval of the Securities and Exchange Commission to raise N10bn through a newly introduced savings and investments scheme,” he said.
Onajide noted that the investment scheme was open to both existing shareholders and non-shareholders of RT Briscoe, as the firm aimed to attract participation across various economic strata.
He added that funds raised would be managed by a trustee appointed by the SEC that would oversee the investment with accrued interest until a meeting of subscribers to determine whether to convert the funds into RT Briscoe shares or not.
According to Onajide, participants opting to purchase Briscoe shares will benefit from additional incentives.
Onajide assured stakeholders that the company intended to resolve outstanding debts before converting savings into shares, ensuring financial prudence and stability.
“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.
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