ABC Transport Plc plans to raise N6.5 billion via a rights problem and bond issuance.
The firm disclosed the fundraising proposal in an October 21, 2026 discover to the Nigerian Exchange Limited, following board approval on October 17.
The proposal stays topic to shareholders’ approval at its Annual General Meeting, whereas the corporate has but to disclose whether or not proceeds will fund debt refinancing, growth or different enterprise wants.
ABC Transport approves N6.5 billion proposal
ABC Transport’s board accredited a mix of fairness and debt financing however didn’t specify how the N6.5 billion could be divided between the 2 devices.
The discover additionally supplied no provide worth, rights entitlement ratio, bond rate of interest or reimbursement timetable.
- “That the Company raise additional capital of N6.5 billion through rights issue and bond issuance, subject to the approval of the shareholders at the Company’s Annual General Meeting,” the board’s decision said.
Shareholders should approve the proposal earlier than the corporate proceeds with the capital-raising train.
The proposed quantity exceeds the group’s disclosed loans, overdrafts and lease liabilities by roughly N5.02 billion, though that comparability alone doesn’t set up how administration intends to deploy the funds.
ABC Transport has a complete loans, overdrafts and lease liabilities of roughly N1.48 billion at June 30, 2026.
Group financing obligations complete N1.48 billion
ABC Transport’s half-year accounts present group loans and borrowings of N1.20 billion at June 30, 2026.
Including individually disclosed overdrafts and lease liabilities brings the mixed financing obligations to roughly N1.48 billion.
The company’s financial statement distinguishes typical borrowings from different financing liabilities.
- Current loans and borrowings stood at N663.13 million, whereas non-current loans and borrowings amounted to N540.80 million.
- Bank overdrafts totalled N130.00 million, whereas lease liabilities amounted to N150.77 million, comprising present and non-current obligations.
- The dad or mum firm individually reported loans and borrowings of N927.56 million, that are included inside the group determine.
Group mortgage repayments of N1.68 billion exceeded new borrowings of N1.24 billion throughout the first half.
Nevertheless, present liabilities exceeded present property by roughly N3.93 billion, offering further context for the funding proposal.
These figures point out current financing and working-capital obligations, however ABC Transport’s discover doesn’t affirm that the proposed raise is a refinancing transaction.
ABC Transport revenue rises 4.9%
ABC Transport’s newest half-year accounts present income progress alongside a decline in revenue earlier than tax. The newest capital proposal additionally follows an earlier shareholder approval for fundraising via the capital market.
- Group income elevated 7.0% to N8.27 billion, whereas revenue earlier than tax declined 9.4% to N665.60 million.
- Profit after tax rose 4.9% to N488.52 million, supported by a decrease tax cost regardless of strain on working profitability.
- Nairametrics reported on December 2, 2020 that shareholders accredited a proposed N1.4 billion capital raise.
- Shareholders additionally accredited a rise in authorised share capital from N1 billion to N2.5 billion via the creation of three billion further odd shares of fifty kobo every.
In a current company improvement, Nairametrics reported on October 22, 2026 that Kabiru Yusuf resigned as a Non-Executive Director, efficient September 30, ending his 20-year tenure on ABC Transport’s board.
