Prestige Assurance Plc, in a bid to meet regulatory requirements and enhance its business operations and reach, is set to raise N6,817,898,003 through the issue of 13,635,796,006 shares at N.50 kobo per share.
The insurer disclosed this at the signing ceremony of the proposed Rights Issue on Wednesday in Lagos.
The proposed Rights Issue is part of the company’s recapitalisation strategy, which in turn is part of its response to the regulatory directive from NAICOM and path towards the implementation of the company’s Medium-Term Strategy.
Recalling that NAICOM had mandated a minimum recapitalisation for general insurance business in Nigeria of N10bn inadmissible Share Capital by September 2021, the insurance company said it intended to become a top industry player over the medium term of five to seven years.
The Chairman of Prestige, Dr. Doyin Salami, said: “We are inviting investors to our business, and at the very least, we are able to say that not only have we been around for the entirety of Nigeria’s post-independence, but we are also able to say that at even in the worst time, this company, not only had we weathered it, we have come out much stronger.
“The intention over the next five to seven years is to be one of the top five insurance companies operating in the general insurance business in Nigeria.”
The Chief Executive Officer of Eczellon Capital and the Issuing House, Mr. Diekola Onaolapo, said: “We are pleased to have the signing ceremony today after obtaining the requisite approvals from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).”