Camey & Rocks Acquires 43.35% Stake in Resort Savings and Loans Plc

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Resort Savings and Loans seeks extension of recapitalisation deadline; gives update on N4.3b Camey & Rock’s injection

The board of Resort Savings and Loans Plc has secured a fresh capital injection of up to N4.3 billion from an investor, who now controls about 43.35 per cent equity stake in the company.

Not too long ago, the investor, Camey and Rock Business Consulting Limited, offered to purchase all the unissued 8,670,267,596 ordinary shares of the bank and this proposal was approved.

According to the CEO of Camey and Rock, Mr Peter Adejoh, the decision to invest in the financial institution was to “change the face of the Resort Savings and Loans and efficiently reposition it for the benefit of customers, stakeholders and the Nigerian mortgage and financial services space.”

He said to reduce the housing deficit in the country, the bank would come up with affordable houses that would make it easy for low-income earners to own their houses.

Mr Adejoh informed newsmen in Abuja that, “With this, we expect to deliver impressive returns to our shareholders and satisfy the expectations of customers and other stakeholders in the nearest future.”

Adejoh, disclosed that Resort Savings and Loans Plc was poised to address the key challenges in the Nigerian housing sector, including funding and pricing.

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“When you look at the minimum wage today, it is a herculean task that will take a civil servant a very long time to put such money together to buy a house.

“However, with the optimisation of the mortgage industry, the CBN, over the years, and in recent times, has reviewed the minimum capitalisation for mortgage banks.

“They have broken them into categories of state, regional and national. The reason for doing that is to build capacity so they will be able to fund mortgages.

“The board and management of the bank believe that this strategic investment will change the face of the Resort Savings and Loans and efficiently reposition it for the benefit of customers, stakeholders and the Nigerian mortgage and financial services space.

“With this, we expect to deliver impressive returns to our shareholders and satisfy the expectations of customers and other stakeholders in the nearest future,” he said.