By Dipo Olowookere
The additional shares issued to two investors via private placement by Mutual Benefits Assurance Plc have been listed on the floor of the Nigerian Exchange (NGX) Limited.
In April 2021, Business Post reported that two investors, Charles Enterprise and Arubiewe Farms Limited, injected about N4.8 billion into the organisation.
It was part of efforts to shore up the capital base of the company in line with its plans to remain one of the major players in the sector as the National Insurance Commission (NAICOM) is determined to make the insurance industry better.
This newspaper had reported then that a total of 8,888,888,889 ordinary shares of 50 kobo were sold to the investors at 54 kobo each.
On Monday, June 28, 2021, these additional stocks were listed on the exchange, according to a circular issued by the NGX to the investing community.
“Trading license holders and the investing public are hereby notified that additional 8,888,888,889 ordinary shares of 50 kobo each of Mutual Benefits Assurance Plc were today, Monday, June 28, 2021, listed on the daily official list of the NGX.
“The additional shares listed on NGX arose from Mutual Benefits’ private placement of 8,888,888,889 ordinary shares of 50 kobo each at N0.54 per share to Charles Enterprise LL.C and Arubiewe Farms Limited.
“With this listing of the additional 8,888,888,889 ordinary shares, the total issued and fully paid-up shares of Mutual Benefits Assurance Plc has now increased from 11,172,733,508 to 20,061,622,397 ordinary shares of 50 kobo each,” the disclosure said.
When trading activities were brought to an end today, the share of Mutual Benefits went down by 4.76 per cent or 2 kobo to 42 kobo.
