Economy
Guinea Insurance Submits to NGX Application for N5.8bn Rights Issue
By Dipo Olowookere
An underwriting firm, Guinea Insurance Plc, has submitted application for approval and listing of its proposed N5.8 billion rights issue.
Business Post reports that the application was filed to the Nigerian Exchange (NGX) Limited by the insurer through its stockbrokers, Forte Financial Limited, and Mega Equities Limited.
Guinea Insurance is offering in the exercise a total of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as of the close of business on Wednesday, January 21, 2026.
In a statement yesterday, the Head of Issuer Regulation Department of the stock exchange, Mr Godstime Iwenekhai, confirmed the development.
He said, “Guinea Insurance Plc has through its stockbrokers, Forte Financial Limited and Mega Equities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on Wednesday, January 21, 2026.
“The qualification date for the rights issue is Wednesday, January 21, 2026.”
At the market at midweek, the shares of Guinea Insurance closed flat at N1.30 per unit, with a total of 2,313,400.00 units transacted by investors during the session.
Last month, the organisation held an Extraordinary General Meeting (EGM), where shareholders authorised the board to “raise additional equity capital of up to N15.0 billion by way of rights issue and private placement, on such terms, pricing, allotment structure, and timetable as the board of directors may determine in the best interest of the company.”
This was after they passed a resolution for the firm’s minimum issued share capital be increased “from N4.0 billion made up of 8.0 billion ordinary shares of 50 Kobo each to N19.0 billion made of 38.0 billion ordinary shares of 50 Kobo each.
