PROPERTY TRANSACTION GUIDE

Stallion Homes’ N1.68bn private placement to boost capital base
By Udeme Ekwere

Punch, Monday 1st March 2010

Stallion Homes Savings and Loans Limited has said that the N1.68bn it is seeking to raise by way of private placement will be used to increase its capital base.

The company, in a statement on Saturday, said that to help achieve this, it had employed the services of a consultant.

It said, "An external consultant has been appointed to work in conjunction with our financial Adviser/Arranger (Anchoria Investment and Securities Limited) to make a success of our private placement exercise.

As at February, the bank‘s total assets stood at N1.99bn from N1.37bn in 2008, representing a rise by 45 per cent.

In its future forecast, the company said, "Our vision is to increase our paid-up share capital from the present figure of N250m to N1.750bn within the next few months through our ongoing private placement arrangement.

"With this in mind, our projection for the next five years is to have a paid-up share capital of N3bn and total assets base of N10bn. In line with this is a profitability projection of N850m.