By Dipo Olowookere
The suspension earlier placed on Axa Mansard Insurance Plc by the Nigerian Exchange (NGX) Limited has now been lifted, Business Post reports.
The earlier action was taken by the exchange to allow for the completion of the share reconstruction being carried out by the organisation.
A notice from the NGX disclosed that the embargo was removed from the underwriting company on Monday, September 27, 2021.
“With the completion of the company’s share capital reconstruction, the total issued and fully paid-up shares of AXA Mansard Insurance Plc has now reduced from 36,000,000,000 ordinary shares of 50 Kobo each to 9,000,000,000 ordinary shares of N2.00 each,” a part of the notice said.
Recall that on September 9, 2021, the exchange informed the investing public that it was placing full suspension on “trading in the shares of AXA Mansard Insurance Plc” as a result of the “company’s proposed share capital reconstruction.”
This made it impossible for investors to transact the equities of the insurer at the stock market until yesterday when the suspension was lifted.
“Consequent to the completion of the share reconstruction exercise, AXA Mansard’s entire issued share capital of 36,000,000,000 ordinary shares of 50 Kobo each at 83 Kobo per share was delisted from the daily official list of [the NGX] while 9,000,000,000 ordinary shares of N2.00 each at N3.32 per share arising from the share capital reconstruction were listed on NGX’s daily official list on the same day,” the disclosure stated.
Axa Mansard is one of the major players in the country’s insurance sector, which is yet to gain prominence like the banking sector.
