R.T. Briscoe Shareholders Approve N10bn Capital Raise to Fund Expansion

By Our Reporter

Shareholders of R.T. Briscoe (Nigeria) Plc have approved plans for the company to raise up to N10 billion through fresh equity issuance, providing the automotive and industrial solutions firm with additional capital to strengthen its balance sheet and finance future expansion.

The approval was granted during the company’s Annual General Meeting (AGM) held in Lagos, according to a notice signed by the Company Secretary, Michael Olabode.

Under the resolution, shareholders authorised the board of directors to increase the company’s share capital and raise up to N10 billion through one or more transactions in the capital market.

The fundraising may be executed through a public offer, rights issue, private placement, or a combination of the three, depending on prevailing market conditions and regulatory approvals.

The resolution empowers the board to determine the most appropriate funding structure and timing to maximise value for shareholders while supporting the company’s long-term strategic objectives.

Shareholders also approved amendments to the company’s Memorandum and Articles of Association to reflect the enlarged share capital upon completion of the fundraising exercise.

Beyond the capital raising, shareholders considered and adopted the audited financial statements for the year ended December 31, 2025, together with the reports of the directors, external auditors and the Statutory Audit Committee.

The meeting also approved the re-election of Sunday Nnamdi Nwosu and Folasade Oluwatoyin Ogunde, who retired by rotation and offered themselves for another term on the board.

In addition, shareholders appointed Adeniyi Araunsi Adebisi, Kenneth Nwosu and Anthony Katchy as shareholder representatives on the Statutory Audit Committee, alongside board representatives Akin Ajayi and Ali Madugu.

Other resolutions passed included the approval of directors’ remuneration, disclosure of managers’ compensation, authorisation for the board to determine the external auditors’ remuneration for the 2025 financial year, and approval for the company to procure goods and services from related parties where necessary for its business operations.

The planned capital raising comes against the backdrop of a remarkable rally in the company’s share price on the Nigerian Exchange (NGX).

According to recent market data, R.T. Briscoe emerged as one of the best-performing low-priced stocks in the first half of 2026, with its share price surging 184.29 per cent from N3.50 at the beginning of the year to N9.95 at the end of June.

The strong market performance is expected to provide favourable conditions for the proposed equity issuance, as companies increasingly leverage improved investor sentiment in the capital market to fund expansion and enhance long-term competitiveness.

If successfully executed, the N10 billion capital raise will position R.T. Briscoe to pursue new growth opportunities while reinforcing its financial capacity to support future investments and operational expansion.