Business

… lists 2.03bn shares of CHI

The Nigerian Stock Exchange (NSE) yesterday admitted additional 2,03 billion ordinary shares of Consolidated Hallmark Insurance (CHI) Plc on the daily official list of the exchange. According to a notice to dealing members, the additional shares listed on the exchange arose from the company’s rights issue of 2,03 billion ordinary shares of 50 kobo each at 52 kobo per share on the basis of 1 new ordinary shares for every four ordinary shares held as at February 3, 2020. The notice signed by Godstime Iwenekhai, Head, Listings Regulation Department , NSE, noted that the rights issue was 100 per cent subscribed. “With this listing of the additional 2,032,500,000 ordinary shares, the total issued and fully paid up shares of Consolidated Hallmark Insurance Plc has now increased from 8,672,000,000 to 10,704,500,000 ordinary shares of 50 kobo each,” the exchange noted.

CHI had said that it was committed to actualizing the N10 billion new capital base for general insurance business by June 2020. The company’s Managing Director/Chief Executive Officer, Mr. Eddie Efekoha, said the company would stick to the old timeline of June deadline not the current deadline of December. He noted that the rights issue would enable the company meet the new capital requirement. Efekoha noted that the proceeds of the issue would be applied towards investment in the company’s subsidiary such as Grand Treasurers Limited, expansion of the retail business platform and working capital enhancement. He pointed out that the shares being issued shall qualify for any dividend (or any other distribution), as long as the qualification date for the dividend (or any other distribution) declared is after the allotment of the ordinary shares now being issued. “Whilst CHI has continued to perform well on several parameters, the essence of this capital raising exercise is to enhance the capitalisation of Consolidated Hallmark Insurance Plc in order to meet the revised minimum statutory capital of N10 billion stipulated by the National Insurance Commission; as being the statutory requirement for the operation of a non-life (general) insurance business.

 

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