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  • Business - Companies
  • Updated: December 03, 2020

Camey & Rock Offers N4.3bn For Resort Savings & Loans' Legal, Financial Issues

Camey & Rock Offers N4.3bn For Resort Savings & Loans' Legal

Resort Savings & Loans Plc has parted with sizable amount of shares in exchange for NGN4.3 billion from investor, Camey & Rock. Both companies entered into a Share Purchase Agreement, which has seen Camey & Rock taking over the legal and financial issues of Resort Savings & Loans.

While discussions are still ongoing between both companies, AllNews observed Camey & Rock is now playing a major role in the operations of Resort Savings & Loans - although, it wasn't stated if Camey & Rock acquired majority stake.

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"The Bank has executed a Share Purchase Agreement with Camey & Rock Business Consulting Limited (Carney & Rock or the Investor) to the tune of following Camey & Rock's strategic equity investment in the Bank. The cash will be injected into the Bank in tranches.

"The activities relating to this transaction are still on going." Resort Savings & Loans said in a statement obtained by AllNews.

Camey & Rock To Flip Resort Savings On Its Head

The NGN4.3 billion investment from Camey & Rock is in line with Resort Savings & Loans' recapitalisation exercise. The bank has a recapitalization exercise deadline of December 31, 2020, but Camey & Rock have filed for extension of deadline to next year June 30 - Central Bank of Nigeria (CBN) is yet to approve.

This is expected to enable the investment company to inject its "next tranche" of funding into Resort Savings & Loans. AllNews gathered that Camey & Rock has already began house cleaning by intervening in operational issues which includes resolving legal matters.

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During the extension period, Camey & Rock will work to resolve some administrative and basic regulatory issues, "So far, the investor had assisted the Bank in resolving some legal and operational issues in order for the Bank to come into operations very soon.

So far, the Investor had assisted in motivating the staff, resolution and arrangement of some critical financial obligations, action towards filing of outstanding financial statements and relocation of the Bank's head office to 12 Boyle Street, Lagos." Resort said.

The statement also reads, "The Board and Management of the Bank believe the strategic investment will change the face of the Bank, reposition the Bank in the comity of financial services providers in Nigeria, grow capacity with consequent effect in increasing the wealth of stakeholders".

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