Resort Savings and Loans Plc has announced plans to change its status from regional to a national mortgage bank after the completion of its ongoing initial public offering and rights issue.
The company has on offer 3.2 billion shares of 50 kobo at 51 kobo per share, and one-for-three rights issue of 3.7 billion shares at 50 kobo per share.
A statement by the company on Monday noted that the IPO and rights issue, which commenced on June 17, would run concurrently and be concluded in four weeks time.
It quoted the Chairman of RSL, Chief Francis Adefarati, as saying that the driving force behind the company’s transformational efforts was to continue to provide affordable homes for Nigerians.
He said that the new Central Bank of Nigeria’s regulation stipulated that regional mortgage banks must have minimum called-up capital of N2.5bn, while national operators should have N5bn.
“Apart from that, we want to be the topmost mortgage bank in Nigeria. On that basis, we want to use that policy to raise our capital even more that the N5bn they are asking for so that we can do a lot of other things for the purpose of creating mortgages for Nigerians,” he said.
The Managing Director/Chief Executive Officer, RSL, Mr. Abimbola Olayinka, said the proceeds from the offer would help to create additional mortgage, expand branch network, upgrade information and communications technology and invest in the proposed Mortgage Refinancing Company.
He added that the projects, scheduled to be completed between 12 months and 24 months, would increase the company’s market share and reconsolidate its position as a leading mortgage lender.
He noted that the envisaged branches were tied with existing projects, stressing that they would cater for the needs of customers who had bought into its estates and those who desired to do so.
