C & I Leasing Plc plans to seek shareholder approval to invest in Leasafric Logistics Ltd, aiming to acquire a 71.15% direct ownership stake in the company.
According to nairametrics, the proposed investment was disclosed in the company’s notice ahead of its 34th Annual General Meeting (AGM), scheduled for September 8, 2025, where it will be presented alongside other key resolutions for shareholder approval.
According to the disclosure, the 71.15% stake corresponds to 711,500 ordinary shares in Leasafric Logistics Ltd and will be funded from C & I Leasing’s portion of the 2023 dividend declared by Leasafric Ghana Plc.
Leasafric Logistics Ltd is a subsidiary of Leasafric Ghana Plc, which is mostly owned by C & I Leasing and provides HR outsourcing, vehicle tracking, fleet management, and driver monitoring services.
The investment is expected to increase C & I Leasing’s stake in Ghana’s leasing and mobility sector and provide additional support for the subsidiary’s operations, pending shareholder approval at the upcoming AGM.
Other proposals up for shareholder approval
In addition to the proposed investment in Leasafric Logistics, C & I Leasing is also seeking shareholder approval to raise up to N15 billion through a corporate bond. The proceeds will be used to support business expansion and refinance existing debt.
According to the disclosure, the board has been authorized to take all necessary steps to execute the raise.
“That the board of directors be hereby authorized to take all necessary action to raise N15 billion in corporate bonds for business expansion and debt refinancing,” the notice stated.
This planned issuance comes on the heels of the company’s successful Series 5 commercial paper offering in March, under its N50 billion issuance program registered with the FMDQ in 2022.
Also on the agenda is a proposed final dividend of 10 kobo per ordinary share, as recommended by the board. If approved, the dividend will be paid on September 12, 2025.
The dividend proposal follows a solid first-half performance, with the company reporting a pre-tax profit of N1.2 billion for H1 2025.
H1 2025 performance
C & I Leasing reported a pre-tax profit of N1.2 billion for the half year ended June 2025, reflecting an increase from N1.1 billion recorded in the same period of 2024.
The growth was driven largely by a surge in lease rental income, which rose 11.47% year-on-year to N17.9 billion in H1 2025.
Income from tracking services also improved, climbing to N95.1 million from N76.4 million in H1 2024.
On the balance sheet, total assets increased by 10.39% to N128.3 billion.
Retained earnings stood at N2.6 billion, up from N1.7 billion as of December 2024.
