By Dipo Olowookere
UNIC Insurance Plc was on Monday, April 10, 2017, delisted from the daily official list of the Nigerian Stock Exchange (NSE).
In a statement issued by the firm, UNIC Insurance Plc informed dealing members that it has now been relisted as “UNIC Diversified Holdings Plc (UDH).”
The listing brought into effect the scheme of arrangement whereby the shareholders of UNIC received equal number of shares in UDH as they previously held in UNIC, and UDH becomes a holding company of UNIC. The listing also lifted the full suspension on the shares of UNIC.
The NSE conducted a simultaneous delisting of UNIC Insurance and the listing of the shares of UNIC Diversified Holdings (UDH).
A total of 2.582 billion ordinary shares of 50 kobo each were listed at 50 kobo per share, giving UDH a starting market capitalisation of N1.29 billion.
Recall that the NSE had placed UNIC Insurance on full suspension following the approval of the scheme of arrangement to enable the company complete the restructuring to become an insurance company under an investment holding company.
This followed plans by South Africa’s Liberty Holdings to acquire 75 percent majority equity stake in UNIC Insurance Plc for R160 million (N3.72 billion). Liberty Holdings is an investment holding company and it already has investment in the Nigerian market through Total Health Trust.
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