Mutual Alliance Savings and Loans

[hispy99]

Now our savings and loans companies are expanding overseas...

Mutual Alliance to Acquire Foreign Mortgage Bank
10.14.2008

Mutual Alliance Savings and Loans Limited plans to acquire a foreign mortgage bank as part of its expansion strategy meant to make it a key player in the nation's largely untapped mortgage sub-sector.
The Group Chief Executive Officer of the company, Mr. Okon Amasi, said this at the customers' forum of the mortgage bank which took place in Uyo, Akwa Ibom State recently.

According to Amasi, Mutual Alliance is committed to transforming into a highly innovative and dominant operator in the mortgage industry.

To this end, he said the mortgage bank planned to undertake a private placement essentially to raise its share capital and admit new investors.

"We intend to raise the company's authorised share from the current N235million to N2billion before the end of 2008 and consequently get those listed on the Nigerian Stock Exchange (NSE) by introduction”, he said.

Meanwhile, Mutual Garden Estate, which is single-handedly sponsored by the company at Uyo, Akwa Ibom State, is ready and is up for sale.

According to the director of Mutual Alliance Savings and Loans Limited, Mr Dienye Peterside, the project was the first privately completed estate outside the government and 80 per cent of it have been bought by the general public.

He explained that the Mutual Garden Estate contained 100 houses, made up of 60 units of two bedroom semi-detached bungalows and 40 units of three bedroom semi-detached bungalows.
Peterside said that the estate is well secured by the Nigeria Police and has all the necessary and modern infrastructural facilities that help to make life worth living.

He hinted that the prices are moderate and affordable with N5million as minimum cost per one units of the bungalow.

The Director added that Mutual Alliance Savings & Loans Limited has perfected plans to replicate the same feat in Lekki, Lagos and the Federal Capital Territoy (FCT) Abuja where it has already got land holdings.

Peterside explained that the essence of the excercise was to boost housing development in Nigeria and facilitate ownership of same by low-income earners in the society

[BLUEMONEY]

They want to expand overseas ????? O.K I will support that move but not until I See the memo of this PP to know if I will invest or not.

[hispy99]

Mutual Alliance Targets Top Position
By Moses Obajemu, 11.09.2008

Mutual Alliance Savings and Loans Limited said it intends to be one of the top three mortgage banks in Nigeria in terms of profitability and market share in the next five years.

The Group Vice Chairman/Chief Executive Officer of the mortgage bank, Mr. Okon Amasi, stated this in Uyo, Akwa-Ibom State while briefing the media on the current rebranding effort of the primary mortgage institution designed to position it as a leading player in the nation’s financial system.
Amasi said that the move to ensure Mutual Alliance Saving Loan become a key operator explains its resolve to source for about N2 billion from the public through a private placement..

The Mutual Alliance Savings boss said the bank’s authorised share capital is N400 million divided into 800 million ordinary shares of 50 kobo each, while its issued and fully paid capital is N205 million divided into 410 million ordinary share of 50 kobo each.

He said the bank is currently offering 390 million shares divided into 50 kobo ordinary shares to the public at a price of 185 kobo per share, noting that the private placement opened on October 30, 2008 . The financial adviser and issuing house to the offer is BGL Plc; with the auditor being Gerald Kufor and Co,. The reporting Accountants are Chukwuma Ekpunobi and Co.
Amasi said the private placement was being undertaken to increase the shareholders’ fund of mutual Alliance Savings and Loans Limited in readiness for the implementation of its expansion and diversification strategy.

The offer is meant to give potential investors the opportunity to become part owners of the primary mortgage institution as well as enhance its ability to take on big ticket transactions and explore opportunities as they arise in the emerging mortgage industry, he added. The mortgage banker stated that the shares of mutual Alliance Saving and Loans Limited would be listed by introduction on the Nigerian Stock Exchange (NSE) before October next year.

He hinted that some foreign investors have already expressed their willingness to invest in the bank. Mutual Alliance Savings and Loans Group has three successful subsidiaries-Mutual Alliance Bureau De Change Limited and De Petraco leasing Company Limited.

According to the Managing Director/Chief Executive Officer of De Petraco Leasing Company Limited, Mr. Dienye Peterside, given the sound management of the parent company, the offer is expected to record over-subscription.
He said that the mortgage bank which was started operations16 year ago has been able to weather business storm over the years essentially because of its prudent management and clear vision to be a leader in the mortgage banking sub-sector of the Nigerian company.

[BLUEMONEY]

Originally Posted by hispy99

Mutual Alliance Targets Top Position
By Moses Obajemu, 11.09.2008

Mutual Alliance Savings and Loans Limited said it intends to be one of the top three mortgage banks in Nigeria in terms of profitability and market share in the next five years.

The Group Vice Chairman/Chief Executive Officer of the mortgage bank, Mr. Okon Amasi, stated this in Uyo, Akwa-Ibom State while briefing the media on the current rebranding effort of the primary mortgage institution designed to position it as a leading player in the nation’s financial system.
Amasi said that the move to ensure Mutual Alliance Saving Loan become a key operator explains its resolve to source for about N2 billion from the public through a private placement..

The Mutual Alliance Savings boss said the bank’s authorised share capital is N400 million divided into 800 million ordinary shares of 50 kobo each, while its issued and fully paid capital is N205 million divided into 410 million ordinary share of 50 kobo each.

He said the bank is currently offering 390 million shares divided into 50 kobo ordinary shares to the public at a price of 185 kobo per share, noting that the private placement opened on October 30, 2008 . The financial adviser and issuing house to the offer is BGL Plc; with the auditor being Gerald Kufor and Co,. The reporting Accountants are Chukwuma Ekpunobi and Co.
Amasi said the private placement was being undertaken to increase the shareholders’ fund of mutual Alliance Savings and Loans Limited in readiness for the implementation of its expansion and diversification strategy.

The offer is meant to give potential investors the opportunity to become part owners of the primary mortgage institution as well as enhance its ability to take on big ticket transactions and explore opportunities as they arise in the emerging mortgage industry, he added. The mortgage banker stated that the shares of mutual Alliance Saving and Loans Limited would be listed by introduction on the Nigerian Stock Exchange (NSE) before October next year.

He hinted that some foreign investors have already expressed their willingness to invest in the bank. Mutual Alliance Savings and Loans Group has three successful subsidiaries-Mutual Alliance Bureau De Change Limited and De Petraco leasing Company Limited.

According to the Managing Director/Chief Executive Officer of De Petraco Leasing Company Limited, Mr. Dienye Peterside, given the sound management of the parent company, the offer is expected to record over-subscription.
He said that the mortgage bank which was started operations16 year ago has been able to weather business storm over the years essentially because of its prudent management and clear vision to be a leader in the mortgage banking sub-sector of the Nigerian company.

With Oversubscription inevitable here, I dont think investing here would be a wise move unless they would absorb the Excess.

[hispy99]

Originally Posted by BLUEMONEY

With Oversubscription inevitable here, I dont think investing here would be a wise move unless they would absorb the Excess.

The bolded part of the article may just be a marketing gimmick. I still think a lot of people are wary of POs & PPs given what happened over the last 6-7 months.