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Business News of Tuesday, 4 February 2020

Source: www.mynigeria.com

Briscoe seek to settle liabilities via launch of actively managed fund

RT Briscoe Nigeria RT Briscoe Nigeria

Briscoe Nigeria Plc has completed plans to set up an open-ended actively managed fund that will raise funds to settle its existing liabilities.

According to a notice filed by the firm to the Nigerian Bourse, Briscoe is seeking to raise the funds from the capital market to also meet the company's growing working capital requirements.

The essence of this new development is to help the firm known for importing automobiles streamline its current liabilities.

To make the process a successful endeavor, the Asset Management Corporation of Nigeria appointed Dele Oye Esq. as a Receiver to facilitate the repayment of the company's bank debts.

The Receivership process is designed to allow business operations run smoothly under its current Board and Management whilst fulfilling all pre-Receivership contractual obligations.

The Board of Briscoe Plc assured shareholders that the current developments would not hamper the company's growth but create a bright future ahead.